Hull Street Energy is to buy 31 hydroelectric facilities with a total capacity of 255MW from EGPNA Renewable Energy Partners (EGPNA REP), a joint venture between Enel Green Power North America and GE Energy Financial Services.
The transaction will close in two phases. The first phase, which closed at the end of January, includes 30 hydro projects totaling 175 MW. The second phase, which includes the remaining 80MW of capacity, is expected to close during the first quarter of 2020, pending regulatory approval.
The hydro plants included in the deal supply reliable, low-carbon energy to regional electricity customers in Vermont, Washington, Massachusetts, New York, Virginia, South Carolina, Idaho, California, North Carolina, West Virginia and Pennsylvania.
Hull Street Energy affiliates own 51 power generation stations providing more than 815 MW of renewable, gas-fired, and dual-fueled generation capacity to support grid operations throughout the US.
BNP Paribas Securities Corp. served as sole placement agent and ancillary facility provider on a private placement financing for the transaction, and Baker Botts LLP acted as legal counsel to Hull Street Energy.