Hull Street Energy, LLC ("Hull Street Energy") has entered into a definitive agreement to acquire 100% of the ownership interests in the Bayswater and Jamaica Bay natural gas-fired electric generating stations from a subsidiary of NextEra Energy Resources, LLC. The two facilities are in Far Rockaway, New York providing approximately 110 megawatts of flexible, fast start power generation capacity to the region.
Hull Street Energy was established to deploy capital into the North American power sector as the grid transitions to a more sustainable asset base. The Bayswater and Jamaica Bay facilities and employees will be high-quality additions to Hull Street Energy's portfolio of critical power infrastructure. Through this acquisition, the firm will be able to help support the state, local community and other stakeholders integrate new variable renewable energy resources and maintain regional reliability standards, as New York works to achieve its goal of supplying half of its electricity needs from clean renewable energy resources by 2030.
Upon the closing of this transaction, which is subject to customary regulatory approvals, Hull Street Energy affiliates will own 21 power generation stations providing over 640 MW of renewable, gas-fired, and dual-fueled generation capacity to the Northeast, Mid-Atlantic and Western United States markets.
Troutman Sanders LLP and Hogan Lovells LLP acted as legal counsel to Hull Street Energy on the transaction.
Hull Street Energy is a private equity firm that acquires, optimizes and grows middle market power businesses through the application of industry-leading risk management, efficiency enhancements and commodity contract structuring. Hull Street Energy was established by a team with extensive, long-standing expertise in the power industry. They bring to the firm's investments a unique combination of deep technical and commercial knowledge of the electricity industry, and top-tier financial investment expertise. Headquartered in Bethesda, Maryland, the team leverages its decades of experience and unique knowledge of North American electricity infrastructure, including fuel inputs, renewable and fossil powered generation assets, transmission and distribution systems, and electricity demand-side businesses to build value for our investors and stakeholders. For further information about Hull Street Energy please see www.hullstreetenergy.com.