• Acquisition would significantly scale LS Power’s renewables footprint if completed
• Deal fits LS Power’s broader portfolio reshuffling and capital strategy

LS Power’s (LSP) rebalancing of its portfolio will truly be complete if it succeeds in its acquisition of EDF Power Solutions North America, though there should be other dominoes to fall if the deal succeeds.

A story from Bloomberg emerged on Friday stating that LS Power was in advanced talks to acquire the business at a EUR 4bn (USD 4.7bn valuation). Sources subsequently confirmed there is a bank deal in the market supporting the deal, but there were hurdles left before the deal could crystalize.

The Government of France, as a majority shareholder in EDF’s parent Electricite de France, must sign off on the deal.

LS Power and EDF both declined to comment on the situation.

NPM originally named LSP amongst multiple funds and strategics that submitted a bid for EDF Power Solutions North America in April 20 article.

A traditional power investor since being founded in 1990, LS Power has beefed up its presence in renewables in the past five years through launching REV Renewables in 2021 and then launching Clearlight Energy in January 2025 after acquiring the Liberty Power business from Algonquin Power & Utilities Corporation.

REV historically had a large pipeline, while Clearlight was essentially created to hold operating assets, including the 1.2 GW of operating onshore wind assets that LSP acquired from bp plc in December 2025.

However, while REV acquired 6.2 GW in pipeline as part of the Algonquin deal, Clearlight also acquired 1.8 GW including projects in Canada and project co-located with operating assets.

The EDF deal, if it crystallized, would significantly increase LSP’s clean energy presence with 19.8 GW developed assets in the US, 12.7 GW under service contracts and a 42.6 GW pipeline.

NPM Interconnection queue data identified roughly 2 GW of projects that reached an advanced stage in the past 24 months prior to March 2026, split evenly between solar and hybrid projects.

It is not immediately clear whether LSP would look to divest assets as part of the deal, but general rubric behind the deal is gaining size and scale, at a time when energy IPPs such as NextEra Energy Resources and AES Clean Energy are gaining asset and liquidity, through their respective deals to acquire Dominion Energy and a USD 33.4bn take private of AES Clean Energy’s parent AES Corporation via an investment consortium led by Global Infrastructure Partners and EQT Infrastructure.

Acquisition Spree

LS Power has made a series of moves over the past 12 months that allowed significant monetization, while fortifying its exposure significantly in both clean energy and natural gas.

The monetization came in 1Q26, when LSP closed the sale of 18 natural gas-fired and dual-fuel facilities in the Northeast and Texas, across 13 GW, and virtual power plant provider CPower for USD 10.5bn to NRG Energy, including USD 6.8bn in cash and USD 3.7b in NRG stock, according to NRG’s 1Q26 10Q filing.

LSP also emerged as the winner for an auction of the natural gas assets in PJM West that Constellation Energy Corporation had to divest as a condition to its acquisition of Calpine. The deal remains pending, as Constellation and LSP had asked FERC to wait until September 1, 2026, to bless the deal and avoid a change of control during the peak season in PJM.

LSP is trying to raise its sixth flagship fund, LS Power Equity Partners VI, with a target of USD 4bn.

In presentation materials to investors, LSP indicated that the fund would be targeting high quality assets at discounts to intrinsic value where its in-house expertise can underwrite operational and commercial complexities. After acquisition, LSP noted that it would drive value through “operational optimization, commercial restructuring and active governance via control positions and board seats.”