On April 14, 2025, Capital Power Corporation has agreed to acquire 100% of Hummel Station (1,124 MW) in Pennsylvania and Rolling Hills Generating Station (1,023 MW) in Ohio from LS Power subsidiaries for approximately US$2.2 billion (~CAD$3.0 billion). The deal, expected to close in Q3 2025, expands Capital Power’s U.S. footprint and makes it one of five North American IPPs with over 10 GW of natural gas capacity. The plants are projected to generate average annual adjusted EBITDA of $443 million from 2026–2030 and be 17–19% accretive to AFFO per share.

Funding includes a $500 million equity raise—$350 million from a public offering led by TD Securities Inc. and CIBC Capital Markets, and $150 million from a private placement with Alberta Investment Management Corporation. The remaining funds will come from a $2 billion term loan facility underwritten by a Canadian chartered bank affiliate of TD Securities. Evercore is Capital Power’s M&A advisor, TD Securities Inc. is financial advisor, and Simpson Thacher & Bartlett LLP is legal counsel.