LS Power has agreed to acquire the 810MW Hunterstown natural gas-fired power plant in Gettysburg, Pennsylvania and related assets from an affiliate of Platinum Equity.

The financial terms of the deal were not revealed.

Located in the PJM Interconnection, the Hunterstown combined-cycle gas turbine generating power plant delivers electricity to the PJM (Met-Ed) 500kV grid. The facility, which was built in 2003, provides enough energy to supply more than 600,000 households.

The power plant is equipped with three GE 7FB.04 combustion turbines and one GE Electric D11 steam turbine.

Platinum Equity acquired the natural gas-fired power plant from GenOn, a unit of NRG Energy, in 2018.

Platinum Equity managing director David Glatt said: “The Hunterstown investment represented an opportunistic way for us to create value in a sector that was experiencing dislocation and to put our toolkit to work for the benefit of the stakeholders involved.

“We delivered a solution to a seller in need at a time of distress and provided strong operational stewardship to the business. We have now found a new home for the asset with a highly-experienced buyer.”

Established in 1990, LS Power operates over 16GW gas generation fleet that supports its multiple energy transition platforms.

The platforms are focused on wind, hydro and solar power, battery energy storage, demand response, microgrids, renewable fuels, electric transportation, and transmission infrastructure.

LS Power’s gas generation fleet is spread over 12 American states and includes mainly peaking plants along with combined cycle facilities.

LS Power generation president Nathan Hanson said: “Hunterstown will join LS Power’s fleet of flexible gas-fired generation, a portfolio of assets with the dynamic ramping attributes critical to a successful clean energy transition.”

The transaction is anticipated to be completed in Q2 2024.

In December 2023, LS Power and the New York Power Authority (NYPA) completed the $600m Central East Energy Connect (CEEC) transmission project in New York.