Hull Street Energy Agrees To Acquire
California Natural Gas-Fired Power Plant
Bethesda, MD, April 20, 2023 – Hull Street Energy has entered into a definitive agreement to acquire a 100% interest in Sunrise Power Holdings, LLC from an affiliate of ArcLight Capital Partners, LLC, Generation Bridge Acquisition, LLC (“Generation Bridge”). Located in Fellows, California, the facility provides 586 megawatts of critical generation and reliability services to California’s Central Valley.
The Sunrise plant and its experienced employees will be a high-quality addition to Hull Street Energy’s critical power infrastructure business unit, Milepost Power, which was formed to enable the next wave of growth in the electricity industry. With this acquisition, the firm will continue to support grid reliability, allowing for the integration of new variable renewable energy resources as California works to achieve its climate goals.
Upon closing this transaction, Hull Street Energy affiliates will own approximately 1,500 MW of gas-fired and dual-fueled generation capacity to support grid operations throughout the United States.
Troutman Pepper acted as legal counsel to Hull Street Energy. Milbank acted as legal counsel to Generation Bridge.
About Hull Street Energy, LLC
Hull Street Energy 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 Hull Street Energy 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 ArcLight
ArcLight Capital Partners, LLC is an experienced, middle-market, value added infrastructure investment firm. Founded in 2001, ArcLight helped establish infrastructure as an asset class by pioneering an asset-based private equity approach to investing in infrastructure and has since built an experienced and successful investment platform. Based in Boston, ArcLight’s investment team employs a value-added, operationally intensive investment approach that benefits from its dedicated in-house technical, operational, and commercial specialists and partners, as well as the firm’s approximately 1,800-person asset management operational partner. More information about ArcLight can be found at www.arclight.com.
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