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REV Renewables Celebrates Operation of Solar Energy Project on Reclaimed Coal Mine with Ribbon Cutting and Investment in Local Youth Robotics Program
20-megawatt solar generation facility located on former site of reclaimed coal mine would power approximately 3,000 Maryland homes each year;
REV announces a $5,000 local investment to youth robotics & engineering organization
FROSTBURG, MD, September 25, 2024 – REV Renewables (REV), an industry leader in the development, acquisition and operation of renewables and energy storage, celebrated the operation of its Jade Meadow I Solar Energy facility in Frostburg, Maryland during a ribbon cutting with dignitaries, community leaders, and industry partners. Coming on the heels of National Clean Energy Week, the 20-megawatt (MW) project will generate enough energy to power approximately 3,000 Maryland homes each year.
Jade Meadow I is sited on 85 acres of reclaimed surface coal mine land. REV signed a lease for the project area from Allegany Coal and Land Company. The facility is grid connected and includes approximately 50,000 solar panels. Jade Meadow I will diversify energy generation in Maryland and help the state achieve its renewable portfolio standard, while building upon REV’s existing operational footprint in Maryland.
During its development, the project supported the creation of more than 75 construction jobs and over its operational life will result in millions of dollars in tax payments to the local community.
Maryland Governor Wes Moore commented, “REV Renewables’ Jade Meadow I solar project is a model for how the state and our local communities can work together to help grow Maryland’s clean energy economy.”
“Jade Meadow I demonstrates REV’s commitment to finding innovative solutions to siting renewable energy on reclaimed coal mine land while investing in Maryland’s communities and energy future. We are thankful to the State of Maryland, Allegany County officials, and our community partners for bringing this project to commercial operation,” said Ed Sondey, Chief Executive Officer of REV Renewables.
REV Renewables is committed to forming close partnerships and building long-term relationships with the local communities near its project sites. With today’s ribbon cutting celebrating the operation of the Jade Meadow I Solar Energy facility, REV Renewables announced a $5,000 donation to Robotics and Engineering in Allegany County – Together, Inc. (REACT). The purpose of the donation is to help school-aged children in Allegany County develop skills in Science, Technology, Engineering, and Mathematics.
“I would like to congratulate REV Renewables on the operation of this facility and the economic investments they have made in Allegany County. It is exciting to see REV partner with the community through local organizations like REACT,” said Maryland State Senator Michael McKay.
Steve Jenkins, Allegany Coal and Land Company: “We are pleased to see the next use of our family’s land from a former coal mine to a renewable generation facility. We are proud to have REV Renewables as our partner.”
“I would like to thank REV Renewables for their generous donation that will support STEM education for children and youth in Allegany County,” said Barry Hartung, President, REACT.
State and local officials from Allegany County join REV Renewables and Allegany Coal & Land Co. to celebrate the operation of Jade Meadow I Solar
Photo Credits: Joel Harrington, REV Renewables
L-R: Michael Svedeman, REV Renewables; Carolyne Murff, REV Renewables; Nicole Wigfield, REACT; Hunter Maret, REV Renewables.
Photo Credits: Joel Harrington, REV Renewables
About REACT:
Robotics and Engineering in Allegany County – Together Inc. (REACT), is a non-profit organization working to bring exposure, education and applied practice in robotics, engineering and coding to children and youth in Allegany County, Maryland. REACT provides STEM (Science, Technology, Engineering, and Math) education funding, robotics equipment, and coaching to remove barriers that prevent students from reaching their STEM goals. For more information, please visit reactallegany.weebly.com.
About REV Renewables:
REV Renewables, an LS Power company, is an industry leader in the development, acquisition and operation of renewables and energy storage. With a 2.9 GW operating portfolio and a substantial development pipeline, REV represents one of the nation’s largest non-utility portfolios of renewables and energy storage. REV is dedicated to solving a critical challenge in the transformation of our energy systems: decarbonizing electricity supply while maintaining affordability, reliability, and resilience. With a focus on innovation, REV continually seeks to optimize solutions in step with an evolving regulatory, political, environmental and market landscape. For more information, please visit www.REVrenewables.com.
About LS Power:
Founded in 1990, LS Power is the premier development, investment, and operating company focused on the North American power and energy infrastructure sector, with leading platforms across generation, transmission, and energy solutions. Since inception, LS Power has developed or acquired 47,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Additionally, LS Power Grid has built 780+ miles of high-voltage transmission, with 350+ miles and multiple grid infrastructure projects currently under construction or development. LS Power actively invests in and scales businesses that are accelerating the energy transition, including electric vehicle charging, demand response, microgrids, renewable fuels and waste-to-energy platforms. Over the years, LS Power has raised more than $60 million in debt and equity capital to support North American infrastructure. For more information, please visit www.LSPower.com.
MEDIA CONTACTS
REV Renewables
Joel Harrington
(347) 867-5493
jharrington@revrenewables.com
LS Power Announces Global Clean Energy Leader SK E&S Co. Investment in REV Renewables
SK E&S to invest up to $400 million in REV Renewables
LS Power and SK E&S also announce the formation of a strategic task force to identify additional clean technology opportunities
LS Power, a leading development, investment and operating company focused on the North American power and energy infrastructure sector, today announced that SK E&S Co., Ltd. (“SK E&S”), a global leader in clean energy solutions headquartered in Seoul, South Korea, will become an equity investor in REV Renewables, LLC (“REV”), an LS Power company focused on the development, acquisition and operation of renewables and energy storage.
The transaction will include a $300 million to $400 million investment from SK E&S that will help accelerate the expansion of REV’s portfolio of renewable power and energy storage projects.
SK E&S in return will receive an ownership stake in the renewables and energy storage platform and will hold one seat on REV’s Board of Directors. The investment is subject to regulatory approvals and other closing conditions.
“The energy transition is underway and we believe renewables and storage represent the largest opportunities and challenges. We formed REV to tackle these challenges and we are extremely pleased that a company with the vision, sophistication and global reach of SK E&S is investing alongside us in REV Renewables,” said Paul Segal, CEO of LS Power and Chairman of REV’s Board of Directors. “SK E&S’ leadership in advancing the energy transition globally across a range of clean energy technologies is well known and we are excited to be able to partner with them today.”
“SK E&S’ investment will provide additional capacity to achieve REV Renewables’ mission to decarbonize electricity supply in a manner that is affordable and reliable and accelerates the company’s growth trajectory,” said Ed Sondey, CEO of REV.
“We are excited to invest in REV Renewables. SK E&S is very committed to realizing a net-zero world and has been leading this transition globally with our innovative energy solution business models and technologies. We strongly believe that REV will spearhead the transformation of the energy landscape in the United States, creating significant value, not only for the business, but also for society as a whole,” said Kyungyeol Song, Executive Vice President and Head of EQ-TF at SK E&S.
SK E&S has made distinctive investments in the United States across the energy solution value chain in recent years which include: the 2019 acquisition of the largest behind-the-meter energy storage portfolio in California; a 2020 investment in Sunrun and the creation of a joint venture to accelerate the adoption of renewables, the electrification of homes, and the transition to a connected and distributed energy system; 2021 investments in hydrogen technology company Plug Power and battery storage developer, owner and operator Key Capture Energy.
SK E&S’ holistic portfolio aims to provide solutions to resolve complex issues that evolve from the energy transition and also create potential technological breakthroughs to provide total solutions for the green business globally, which SK E&S refers to as “energy solution.”
LS Power and SK E&S Strategic Collaboration
Additionally, LS Power and SK E&S agreed to form a joint strategic task force to identify and evaluate potential collaboration opportunities across the full range of clean energy technologies and services. John King, Executive Vice President at LS Power and a member of REV’s Board of Directors, will serve as LS Power’s lead member of the task force.
“We are excited to collaborate with SK E&S to jointly identify additional business opportunities that will accelerate the clean energy transition. Their global track record of success in developing solutions across the clean energy spectrum makes SK E&S an outstanding partner for LS Power as we expand efforts to decarbonize the economy,” King said.
“Combining LS Power’s strong leadership in the US power industry with SK E&S’ proven track record in global energy solution businesses, we are confident in our collective ability to identify new actionable clean energy business opportunities through this strategic task force initiative. The stellar management team of LS Power gave us the confidence to partner with them in these collaborative efforts,” said Kidae Park, Project Leader of EQ-TF at SK E&S.
LS Power’s Energy Transition Investments
For decades, LS Power has been at the leading edge of the US power sector’s evolution, often introducing or commercializing new technologies and developing new markets. In addition to REV Renewables, LS Power’s growing family of clean energy platforms includes:
· EVgo, the nation’s largest public fast charging network for electric vehicles and the first powered by 100% renewable energy;
· Endurant Energy, a provider of sustainable, resilient and cost-effective distributed energy infrastructure solutions;
· CPower Energy Management, an industry leading distributed energy resource management solutions provider;
· Primary Renewable Fuels, LLC, a landfill gas-to-renewable natural gas development and operating platform;
· Rise Light & Power, New York City’s largest power generator and developer of clean energy infrastructure, and
· LS Power Transmission, 600+ miles of high-voltage transmission lines that enhance grid reliability and efficiency and connect renewable generation to load centers.
REV Renewables Launch
LS Power announced the formation of REV Renewables in August 2021. With a 2.4 GW portfolio of operating storage, solar and wind projects, REV launched as one of the largest independent pure-play energy storage and renewables companies in the U.S.
REV’s portfolio includes a California-based battery storage portfolio (290 MW) that includes Gateway (250 MW); 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). REV also has a development pipeline of projects underway across the country.
Transaction advisors included Morgan Stanley & Co. LLC and RBC Capital Markets, LLC as financial advisors to LS Power and REV Renewables, and BofA Securities, Inc. as financial advisor to SK E&S. Additionally, legal advisors included Willkie Farr & Gallagher LLP for LS Power and REV, and O'Melveny & Myers LLP for SK E&S.
ABOUT REV RENEWABLES
REV Renewables, an LS Power company, is an industry leader in the development, acquisition and operation of renewables and energy storage. With a 2.4 GW operating portfolio and a substantial development pipeline, REV represents one of the nation’s largest non-utility portfolios of renewables and energy storage. REV is dedicated to solving a critical challenge in the transformation of our energy systems: decarbonizing electricity supply while maintaining affordability, reliability and resilience. With a focus on innovation, REV continually seeks to optimize solutions in step with an evolving regulatory, political, environmental and market landscape. For more information, please visit www.REVrenewables.com.
ABOUT LS POWER
LS Power is a development, investment and operating company focused on the North American power and energy infrastructure sector. Since its inception in 1990, in addition to its development of more than 660 miles of high voltage transmission, LS Power has developed, constructed, 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. LS Power actively invests in distributed energy resource platforms, such as CPower Energy Management, Endurant Energy and EVgo, as well as Primary Renewable Fuels.
Additionally, LS Power invests in renewables and energy storage through REV Renewables. Across its efforts, LS Power has raised in excess of $47 billion in debt and equity financing to support North American infrastructure. For more information, please visit www.LSPower.com.
ABOUT SK E&S
SK E&S, established in 1999 and based in Seoul, the Republic of Korea, is an affiliate of SK Group, one of the country’s top three business conglomerates with about $106 billion in annual global revenue and more than 110,000 employees worldwide as of 2020. SK E&S is Korea’s largest privately-owned liquefied natural gas (LNG) player with globally integrated value chain from upstream natural gas field to midstream LNG regasification terminal and LNG carriers and to downstream city gas distribution, power generation, and district heating cogeneration businesses in Korea. In addition to the strong LNG value chain, SK E&S invests mainly in four growth sectors: Renewables, Energy Solution, Hydrogen and Clean LNG with carbon capture, utilization, and storage (CCUS) technology. In the Renewables and Energy Solution sectors, SK E&S is a leading renewable energy generator with more than 2.5 GW of solar, wind, and fuel cell project portfolio in Korea, and it is expanding to Southeast Asian markets such as Vietnam, etc. SK E&S currently operates about 700 megawatt hours (MWh) energy storage both in Korea and the U.S., including the largest distributed battery energy storage system (BESS) portfolio in California. For more information on SK E&S, visit http://www.skens.com/.
MEDIA CONTACTS
Abernathy MacGregor LS Power
Dana Gorman / Christen Bagley Steven Arabia
(212) 371-5999 / (713) 999-8057 (609) 212-3857
dtg@abmac.com / cdb@abmac.com sarabia@lspower.com
LS Power Launches REV Renewables to Propel the U.S. Energy Industry Toward a More Sustainable Future
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LS Power today announced the formation of REV Renewables, LLC (“REV”), a new industry leader in the development, acquisition and operation of energy storage and renewable projects. Rev brings together the storage and renewable assets of parent company LS Power – a firm with three decades of investment, innovation and development experience in the U.S. power and energy infrastructure industries – along with a team of seasoned industry professionals to create a differentiated clean energy growth platform.
With a 2.4 GW portfolio of operating Storage, Solar, and Wind projects on day one, REV launches as one of the largest independent pure-play energy storage and renewables companies in the U.S. today. REV’s sizeable portfolio includes a California-based battery storage portfolio (615 MW by the end of 2022) that includes Gateway, the world’s largest battery 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). 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,” said Paul Segal, CEO of LS Power. “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.”[1]
REV LEADERSHIP TEAM
In conjunction with the launch, LS Power announced the REV Renewables Leadership Team comprised of industry experts with extensive experience across the power and energy sectors:
“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,” Sondey said.
ABOUT REV RENEWABLES
REV Renewables, an LS Power company, is an industry leader in the development, acquisition and operation of renewables and energy storage. With a 2.4 GW operating portfolio and a substantial development pipeline, REV represents one of the nation’s largest non-utility portfolios of renewables and energy storage. REV is dedicated to solving a critical challenge in the transformation of our energy systems: decarbonizing electricity supply while maintaining affordability, reliability and resilience. With a focus on innovation, REV continually seeks to optimize solutions in step with an evolving regulatory, political, environmental and market landscape. For more information, please visit www.RevRenewables.com.
ABOUT LS POWER
LS Power is a development, investment and operating company focused on the North American power and energy infrastructure sector. Since its inception in 1990, in addition to its development of more than 660 miles of high voltage transmission, LS Power has developed, constructed, 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. LS Power actively invests in distributed energy resource platforms, such as CPower Energy Management, Endurant Energy and EVgo, as well as Primary Renewable Fuels. Additionally, LS Power invests in renewables and energy storage through REV Renewables. Across its efforts, LS Power has raised in excess of $47 billion in debt and equity financing to support North American infrastructure. For more information, please visit www.LSPower.com.
MEDIA CONTACTS:
Abernathy MacGregor LS Power
Alexandra Clements / Christen Bagley Steven Arabia
(713) 999-5105 / (713) 343-0427 (609) 212-3857
amc@abmac.com / cdb@abmac.com sarabia@lspower.com