Hull Street Energy has signed an agreement to acquire 31 hydro plants in the U.S., with a total capacity of 255 MW, from Enel Green Power North America Renewable Energy Partners (EGPNA REP), a joint venture between EGPNA and GE Energy Financial Services.
The transaction will close in two phases. The first phase, which closed the last week of January, includes 30 hydro projects totaling 175 MW. The second phase, which includes the remaining 80 MW of capacity, is expected to close during the first quarter of 2020, pending regulatory approval.
The plants supply reliable, low-carbon energy to regional electricity customers in Vermont, Washington, Massachusetts, New York, Virginia, South Carolina, Idaho, California, North Carolina, West Virginia and Pennsylvania. The specific hydroelectric facilities were not named.
Hull Street Energy affiliates own 51 power generation stations providing more than 815 MW of renewable, gas-fired and dual-fueled generation capacity to support grid operations throughout the U.S.
BNP Paribas Securities Corp. served as sole placement agent and ancillary facility provider on a private placement financing for the transaction, and Baker Botts LLP acted as legal counsel to Hull Street Energy.
Hull Street Energy is a private equity firm that specializes in deploying capital into the power sector as it transitions to a more sustainable future.