Private equity firm Hull Street Energy strengthens its position in the power sector by acquiring four New York thermal power plants from J-Power USA.
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| Hull Street Energy acquires 300 megawatts of power generation capacity in New York from J-Power USA. Jones Beach Tower Long Island, NY. Photo by David Israel |
Bethesda, MD and Chicago, IL – August 1, 2024:
Hull Street Energy (HSE), a leading private equity firm specializing in the power sector, has significantly expanded its portfolio with the acquisition of four thermal power plants from J-Power USA. These strategically located facilities on Long Island, New York, contribute a substantial 300 megawatts of critical power generation to the region.
The acquired assets, including Edgewood Energy, Shoreham Energy, Pinelawn Power, and Equus Power, will become integral components of HSE’s Milepost Power fleet. With this acquisition, HSE now owns and operates approximately 2,650 megawatts of gas-fired and dual-fueled generation capacity across the United States.
This strategic move underscores HSE’s commitment to supporting grid reliability and resilience as the nation transitions to a cleaner energy future. By acquiring these thermal power plants, HSE is positioning itself as a key player in ensuring a stable and dependable energy supply while the integration of renewable energy sources accelerates.
“We are excited to add these New York power plants to our growing portfolio,” said HSE Executives. “This acquisition aligns perfectly with our strategy of investing in critical infrastructure that supports grid stability and flexibility. We believe these assets will be instrumental in meeting the evolving energy needs of the region.”
The transaction marks another significant milestone for HSE, which has established a strong track record of acquiring and optimizing power generation assets. The company’s deep industry expertise, coupled with its financial acumen, has enabled it to become a trusted partner in the power sector.
Troutman Pepper served as legal counsel to HSE, while CIBC Capital Markets and Merit Capital Advisors acted as financial advisors and Baker McKenzie acted as legal counsel to J-Power.
Hull Street Energy is a private equity firm dedicated to investing in the power sector. With a focus on grid reliability and decarbonization, the company acquires, develops, and operates power generation assets across the United States. HSE’s portfolio includes a diverse range of power plants, leveraging its deep industry knowledge to create value for its investors and contribute to a sustainable energy future.
Milepost Power owns and manages flexible, dependable, and fresh 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.
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 run 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 earnings 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.