Equinor has agreed to acquire shares in the 1.5 GW Lackawanna Energy Center, a gas-fired combined-cycle (CCGT) power plant in Pennsylvania, United States (Equinor press release, 17/08/2026). With the USD940m deal Equinor should acquire 87.71% of the Class A shares of the power plant from funds managed by Global Infrastructure Partners (GIP, part of BlackRock). Invenergy, the power plant’s developer, intends to retain the remaining Class A shares and all the Class B shares, while also intending to continue to manage and operate the facility. The transaction remains subject to customary regulatory approvals.
The Lackawanna Energy Center comprises three combined-cycle units and began commercial operations in January 2019. It generates around 9 TWh/year of net electricity and operates in the Pennsylvania-New Jersey-Maryland Interconnection (PJM) market, which supplies nearly 70 million consumers across 13 US states.
Equinor said electricity demand in the market is expanding due to electrification, data centres and industrial activity. Equinor and Invenergy are planning to explore further cooperation opportunities in the PJM power market.
The acquisition is located close to Equinor’s natural gas assets in the Appalachian Basin, which supplies more than 17 bcm/year to the northeastern United States.
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