LS Power announced the formation of Rev Renewables, a new company focusing on 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 1, 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.”