Hull Street Energy acquires 255MW hydroelectric plants in US from EGPNA
US private equity firm Hull Street Energy has signed a deal to acquire 31 hydroelectric plants in the US with a combined capacity of 255MW from EGPNA Renewable Energy Partners (EGPNA REP) for an undisclosed price.
EGPNA REP is a joint venture of Enel Green Power North America and GE Energy Financial Services.
The deal will close in two phases with the first one including 30 hydro projects with a combined capacity of 175MW, which has been closed. The second phase, which includes the remainder 80MW of capacity, is likely to be wrapped up during Q1 2020, subject to regulatory approval.
The hydroelectric plants involved in the deal provide clean power to regional electricity customers across Vermont, Washington, Massachusetts, New York, Virginia, South Carolina, Idaho, West Virginia, California, North Carolina, and Pennsylvania.
Affiliates of Hull Street Energy own 51 power generation stations which offer over 815MW of renewable, gas-fired, and dual-fueled generation capacity to support grid operations across the US.
BNP Paribas Securities was the sole placement agent and ancillary facility provider on a private placement financing for the deal, while Baker Botts was the legal counsel to Hull Street Energy.