US-based private equity firm Hull Street Energy has signed a definitive agreement with a subsidiary of NextEra Energy Resources to acquire 100% ownership stakes in the Bayswater and Jamaica Bay natural gas-fired electric generating stations.
Financial details of the deal have not been disclosed by both the companies.
Located in Far Rockaway, New York, the two facilities have the capacity to generate and supply nearly 110MW of power to the region.
The deal is expected to help the equity firm to support the state, local community and other stakeholders, integrate new variable renewable energy resources and maintain reliability standards at the regional level.
The transaction is also expected to help New York to achieve its goal of supplying half of its electricity needs from clean renewable energy resources by 2030.
Completion of the transaction is subject to customary regulatory approvals.
When the deal is closed, Hull Street Energy affiliates will own 21 power generation stations, which will provide more than 640MW of renewable, gas-fired, and dual-fuelled generation capacity to the Northeast, Mid-Atlantic and Western markets in the US.
For this transaction, Troutman Sanders and Hogan Lovells acted as legal counsel to Hull Street Energy.
Headquartered in Bethesda, Maryland, Hull Street Energy was established to deploy capital into the North American power segment as the grid moves to a sustainable asset base.
In August, Hull Street Energy completed the acquisition of nine hydroelectric power facilities in New Hampshire from Eversource through a special purpose affiliate.
The deal consisted of nine facilities with around 68MW of power generation capacity.
The facilities are situated on the Androscoggin, Connecticut, Merrimack, North Branch, and Pemigewasset Rivers.