Hull Street Energy wraps up acquisition of 586MW Sunrise Power Project
Hull Street Energy (HSE) has completed the previously announced acquisition of Sunrise Power Holdings, the holding company of the Sunrise Power Project in Fellows, Kern County, from Generation Bridge Acquisition, an affiliate of ArcLight Capital Partners.
The financial terms of this acquisition, announced in April 2023, remain undisclosed.
Located in Fellows, California, The Sunrise Power Project serves as a pivotal source of electric generation and Resource Adequacy for consumers, utilities, and Community Choice Aggregators across California.
Providing 586MW of power, the facility underscores Hull Street Energy’s commitment to grid reliability and the integration of new variable renewable energy resources. This acquisition aligns with the State’s environmental objectives and contributes significantly to their attainment.
With the addition of the Sunrise Power Project, Hull Street Energy’s affiliates now possess a combined gas-fired and dual-fueled generation capacity of 2.3GW throughout the United States.
The transaction saw financial backing led by Investec as the Initial Bookrunner and Initial Coordinating Lead Arranger. Other notable contributors included MUFG, acting as Joint Bookrunner and Coordinating Lead Arranger, and Deutsche Bank as a Coordinating Lead Arranger.
Legal counsel for the transaction was provided by Troutman Pepper for Hull Street Energy and Milbank for Generation Bridge.
Originally certified by the Energy Commission (CEC) on December 6, 2000, the Sunrise Power Project began operations on June 26, 2001. The facility is a combined-cycle, natural gas-fired power plant, featuring two 160MW General Electric Frame 7FA, natural gas-fired combustion turbine generators.
Equipped with Dry Low NOx (DLN) combustors and selective catalytic reduction, it showcases an effective blend of power generation and environmental responsibility.