Milbank LLP has advised LS Power on the sale of its power portfolio to NRG Energy Inc. The transaction involves a combination of cash and common stock valued at approximately $12 billion. LS Power, known for its focus on North American power and energy infrastructure, is selling natural gas generation facilities and a commercial and industrial virtual power plant platform.
Despite the sale, LS Power will retain about 10 GW of electric generation capacity across various projects including natural gas, renewables, and energy storage. Additionally, it will maintain several energy solution platforms along with its competitive transmission business under the LS Power Grid platform. This platform includes over 780 miles of high-voltage transmission lines in operation with more than 350 miles still under development or construction.
The transaction is anticipated to close in the first quarter of 2026, pending customary closing conditions and regulatory approvals.
The advisory team from Milbank LLP was led by Bill Bice, Scott Golenbock, Jeff Leider, and Jonathon Jackson. They were supported by Kyle Smit, Michayla Wolfe, Anya Andreeva-Quirk, Andrew Lassman, Richard Rowe, Ari Tuchman, Emily Mahapatra among others. Other specialists involved included Mike Shah, Joel Krasnow, Jameson Frazier, Jane Hanson, Matthew Ahrens, Fiona Schaefferand Alexis Brown-Reilly; Nathaniel T. Browand; Max Goodman; and Jesse Hong.
