Equinor to Acquire US Gas Power Plant Stake for $940 Million

en.Wedoany.com Reported - On August 17, Equinor signed a definitive acquisition agreement to purchase an 87.71% Class A interest in the US Lackawanna Energy Center for $940 million from funds managed by Global Infrastructure Partners, a BlackRock company. The final transaction price may be adjusted downward at closing.

The Lackawanna Energy Center is a 1,483-megawatt gas-fired combined-cycle power plant developed by Invenergy and placed into commercial operation in January 2019. The plant features three combined-cycle units, each comprising a gas turbine, steam turbine, generator, and heat recovery steam generator, with an annual net power output of nearly 9 billion kilowatt-hours.

The plant is connected to the US PJM electricity market. PJM covers 13 US states and serves approximately 70 million customers, with power demand driven by growth in data centers, electrification, and industrial activity. The Lackawanna Energy Center is also located near Equinor's natural gas assets in the Appalachian Basin, which currently supply more than 1.7 billion cubic feet of natural gas per day to the northeastern United States.

Upon completion of the transaction, Invenergy will retain the remaining Class A shares and all Class B shares and will continue to manage and operate the plant. The Class A shares acquired by Equinor carry preferential dividend rights. The parties also plan to explore further cooperation opportunities around the PJM electricity market. The transaction remains subject to customary regulatory approvals, and the expected closing date has not yet been disclosed.