BETHESDA, Md. and CHICAGO, Aug. 1, 2024
/PRNewswire/ -- Hull Street Energy ("HSE") has agreed to acquire
four New York thermal power plants
from J-Power USA. The portfolio includes Edgewood Energy,
LLC, Shoreham Energy, LLC, Pinelawn Power LLC, and Equus Power I,
L.P. Located on Long Island,
the portfolio provides 300 megawatts of critical power generation
to support New York customers.
Upon the close of this transaction, HSE affiliates will own
approximately 2,650 megawatts of strategically located gas-fired
and dual-fueled generation capacity operating as part of the
Milepost Power fleet to provide meaningful grid reliability support
to the decarbonizing United States
grid.
Troutman Pepper acted as legal
counsel to HSE. CIBC Capital Markets and Merit Capital Advisors
acted as financial advisors and Baker McKenzie acted as legal
counsel to J-Power.
About Hull Street Energy, LLC
HSE is a private equity firm that specializes in deploying capital
into the power sector as it decarbonizes. Headquartered in
Bethesda, Maryland, the team
leverages its decades of experience and unique knowledge of North
American electricity infrastructure, fundamentals and grid
operations, including fuel inputs, commodity contract structuring,
renewable and fossil powered generation assets, energy storage,
transmission and distribution systems, and electricity demand-side
businesses to build value for stakeholders. For further information
about HSE please see www.hullstreetenergy.com.
About Milepost Power
Milepost Power owns and manages flexible, dependable, and clean
natural gas and dual-fuel electric generating plants in
North America, providing
electricity and critical reliability service to the grid. Its power
plants and analytically driven risk management protocols position
the company to play an increasingly important role as the industry
transitions to include more renewable generation resources.
Milepost Power is an affiliate of Hull Street Energy. For further
information please see www.milepostpower.com.
About J-Power USA
J-POWER USA is a wholly owned subsidiary of J-POWER
North America Holdings Co., Ltd. which is a wholly owned subsidiary
of Electric Power Development Co., Ltd. ("J-POWER") with
headquarters located in Tokyo,
Japan. J-POWER USA,
headquartered in the greater Chicago area, has a long-term strategy to
acquire, develop, finance, and operate power generation facilities
in North America through its team
of power professionals with a proven track record of successfully
developing and acquiring power projects in the IPP sector.
J-POWER stock is listed on the Tokyo Stock Exchange. In the
fiscal year ending March 2022,
J-POWER had revenues of US$8.9
billion and assets of approximately US$25.1 billion. With approximately 26,000
megawatts of net ownership, J-POWER is one of the world's largest
independent generators of electricity, owning 96 power plants in
Japan and 35 international IPP
investments. For further information please see
www.jpowerusa.com.
Media Contact:
press@hullstreetenergy.com
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SOURCE Hull Street Energy