Acquisition expands one of North America's premier energy services companies, delivering greater scale, technical expertise, and innovation to advance energy resilience and modernization nationwide.

OPTERRA Energy Services, an LS Power company and energy services company (ESCO), today announced the acquisition of NORESCO, a leading ESCO based in Westborough, Mass., substantially increasing OPTERRA’s footprint and capabilities across North America.

“This acquisition further advances OPTERRA Energy Services’ premier energy services platform,” said Courtney Jenkins, OPTERRA’s Chief Executive Officer. “We share a deep commitment to helping customers solve critical infrastructure challenges while advancing fiscal responsibility, resiliency, and sustainability. By combining our expertise, geographic reach, and technical capabilities, we are positioned to deliver even greater value to customers seeking innovative energy solutions.”

This transaction brings together two highly respected organizations with a combined 90 years of experience helping both public sector and commercial organizations modernize infrastructure, reduce energy costs, improve operational resilience, and achieve energy goals. Together, the companies combine the expertise of more than 750 energy professionals and a proven record of delivering results, including 880 megawatts of installed distributed generation, service to 19,000 facilities, and more than $8 billion in customer energy savings. The companies will offer an expanded portfolio of solutions and enhanced technical expertise, including sustainability consulting, and broader geographic reach. The combined organization is united in its commitment to support customers facing increasingly complex energy, water, and infrastructure challenges across educational institutions, local government, commercial and industrial, and federal facilities.

Formerly part of Carrier Global Corporation, NORESCO has delivered solutions helping campuses, U.S. military installations, and communities and businesses modernize aging building systems and critical infrastructure. Customers include higher education public private partnerships as well as many projects with the U.S. federal government.

OPTERRA brings a complementary track record of delivering innovative energy and infrastructure solutions throughout North America, with over 50 years in operation through legacy companies delivering energy conservation, renewable energy, water conservation, resiliency, and infrastructure modernization projects. Together, the organizations combine deep industry expertise, a commitment to safety, proven project delivery, and a shared commitment to advancing resilient infrastructure outcomes.

“This change enables us to deliver greater value for our customers and expand our market presence,” said Troy Walters, President and CEO of NORESCO. “By bringing together NORESCO and OPTERRA, we are expanding our ability to address complex energy and infrastructure challenges with integrated solutions, additional resources, and broader capabilities. With our new platform, our team is energized to be even better positioned to help customers improve performance, resilience, efficiency, and long-term sustainability.”

“We're excited to welcome NORESCO to the OPTERRA team and bring together two organizations that share a deep commitment to customer success,” Jenkins added. “Over the past several years, we have seen tremendous opportunity growth in infrastructure modernization, driven by technologies like microgrids for enhanced resiliency, distributed energy resources, battery storage, and advanced energy management systems. These technologies are fundamentally changing how organizations prioritize energy security and sustainability. By bringing together our collective expertise and resources, we're creating a platform that can help customers confidently navigate the energy transition and prepare for the challenges of tomorrow.”

Harris Williams served as financial advisor and McGuireWoods served as external legal counsel to LS Power and OPTERRA.

About OPTERRA Energy Services

OPTERRA Energy Services, an LS Power company, is a national energy company headquartered in Oakland, California. Following OPTERRA’s acquisition of NORESCO in 2026, OPTERRA employs 750 energy professionals across the U.S. as one of America's premier energy services companies. The company provides comprehensive energy and infrastructure solutions to municipalities, K-16 education, special districts, businesses, and state and federal agencies. OPTERRA and its NORESCO line of business have delivered 880 megawatts of installed distributed generation, provided services to 19,000 facilities, and secured more than $8 billion in customer energy savings over the company’s 50+ year history. For more information, visit www.opterraenergy.com.

About LS Power

Founded in 1990, LS Power is a premier development, investment, and operating company focused on the North American power and energy infrastructure sector, with leading platforms across generation, transmission, and energy expansion solutions. Since inception, LS Power has developed or acquired 50,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Through its transmission business, LS Power Grid, the company operates 7 transmission utilities, has built 780+ miles of high-voltage transmission with another 400+ miles currently in construction or development. LS Power actively invests in and scales businesses that are meeting the growing needs of the energy expansion, including electric vehicle charging, demand response, microgrids, renewable fuels, and waste-to-energy platforms. Over the years, LS Power has raised more than $85 billion in debt and equity capital to support North American infrastructure. For information, please visit www.lspower.com.

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"We share a deep commitment to helping customers solve critical infrastructure challenges while advancing fiscal responsibility, resiliency, and sustainability," said Courtney Jenkins CEO OPTERRA Energy Services.