On Wednesday, U.S. energy and power infrastructure investor LS Power announced that it is launching a separate, dedicated subsidiary, Rev Renewables, to build, develop and operate clean energy assets in the United States. Rev launches with a portfolio of 2.4 GW of operating storage, solar and wind projects, making it one of the nation’s largest independent pure-play energy storage and renewables companies from its first day in existence.
Rev’s assets include a California battery storage portfolio that also includes the Gateway project, billed as the world’s largest battery farm at 250 MW when it was energized in 2020; the largest non-utility pumped storage hydro portfolio in the mid-Atlantic region of PJM (1,620 MW); wind assets (132 MW); and a portfolio of 25 solar power facilities spanning 14 states (467 MWdc/365MWac). LS Power says Rev also has a “robust development pipeline” of projects underway across the country.
“Energy storage and renewable generation are essential components in meeting our decarbonization goals while maintaining affordability, reliability and resilience,” LS Power CEO Paul Segal said in a comment on the launch. “The rising demand for clean energy solutions presents a once-in-a-lifetime opportunity for Rev Renewables to deploy its human and capital resources into storage, solar and wind projects. Rev is the latest effort by LS Power to support the commercialization and deployment at-scale of clean energy technologies.”
“Rev Renewables will further drive the electrification of our economy and support the transition to a cleaner energy grid,” said Rev Renewables CEO Ed Sondey. “The establishment of Rev Renewables is a significant milestone and extension of LS Power’s renewable energy focus. I am excited to work with our impressive team to drive Rev’s continued expansion as we embark on this mission-critical journey to decarbonize our nation’s grid.
“With our team’s track record of developing and operating renewable assets and successfully executing in markets with high barriers to entry, Rev Renewables is well equipped to reimagine the future of renewable energy generation and storage,” he added.
Since 1990, LS Power has developed, built, managed or acquired more than 45,000 MW of power generation, including utility-scale solar, wind, hydro, natural gas-fired and battery energy storage projects, and has raised more than $47 billion in debt and equity financing to support North American infrastructure. The company is an active investor in distributed energy resource platforms, including CPower Energy Management, Endurant Energy, and EVgo, as well as Primary Renewable Fuels.
