Hull Street Energy LLC said March 29 that it acquired Bayswater and Jamaica Bay natural gas-fired electric generating stations. Financial terms weren’t announced. NextEra Energy Resources is the seller. The two plants are in Far Rockaway, New York and provide approximately 110 megawatts of power generation capacity to the region.
BETHESDA, Md., March 29, 2019 /PRNewswire/ — Hull Street Energy, LLC (“Hull Street Energy”) has acquired 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 and provide approximately 110 megawatts of highly 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 meet 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.
Hull Street Energy affiliates own 21 renewable, gas-fired, and dual-fueled power generation stations providing electrical service 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.
About Hull Street Energy, LLC
Hull Street Energy is a private equity firm that identifies, acquires, optimizes and grows middle market power businesses that are strategically positioned to support grid operations as the energy industry decarbonizes. 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 electric industry technical and commercial knowledge and top-tier financial investment expertise. Headquartered in Bethesda, Maryland, the team leverages its decades of experience and unique knowledge of North American electricity supply 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.