Houlihan Lokey Advises LS Power

Houlihan Lokey is pleased to announce that LS Power has completed its acquisition of the Brazos Valley Energy Center (formerly known as the Jack Fusco Energy Center) (Brazos Valley) from Constellation Energy Corporation (Constellation). The transaction closed on October 14, 2026.

Brazos Valley is a 606 MW natural gas-fired combined-cycle generation facility located outside Houston, Texas, which sells its output into the ERCOT Houston Zone on a merchant basis. The facility is a 2x1 combined-cycle plant located in Fort Bend County that achieved commercial operation in 2003.

LS Power entered into a definitive agreement with Constellation to acquire Brazos Valley in August 2026. The transaction satisfied a regulatory divestiture commitment tied to Constellation’s acquisition of Calpine, with whom LS Power has completed several prior bilateral transactions. In March 2026, LS Power also agreed to acquire a 4,353 MW portfolio of five gas-fired generation assets in PJM from Constellation.

LS Power is a development, investment, and operating company focused on North American power and energy infrastructure, with platforms spanning generation, transmission, and energy expansion solutions. Since its founding in 1990, the firm has developed or acquired more than 50,000 MW of power generation and has raised more than $95 billion in debt and equity capital. The acquisition expands LS Power’s generation fleet in ERCOT, one of the fastest-growing power markets. Upon closing of its pending transactions with Constellation, the firm’s national operating fleet will total approximately 14,100 MW.

Houlihan Lokey served as a financial advisor to LS Power in the acquisition. This transaction highlights Houlihan Lokey’s continued success advising some of the largest participants in the power industry.

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