Hull Street Energy has completed the acquisition of the nine hydroelectric power facilities in New Hampshire from Eversource for $83m.
Hull Street Energy acquired the portfolio through a special purpose affiliate. With this 68MW capacity acquisition, the company will now operate nearly 531MW across 19 power generation facilities in the Northeast, Mid-Atlantic and Western United States.
The newly acquired power facilities are located on the Androscoggin, Connecticut, Merrimack, North Branch, and Pemigewasset Rivers. This portfolio will now be part of Central Rivers Power which owns and operates 14 hydroelectric stations in Massachusetts and New Hampshire, and will be headquartered in Bethesda, Maryland.
Sale of the hydroelectric portfolio was part of a comprehensive restructuring and rate stabilization agreement between Eversource and the State of New Hampshire in 2015.
Eversource NH President Bill Quinlan said: “The completion of this sale is the final milestone in the deregulation of the electric utility industry in the Granite State, which will provide a number of important benefits to our customers.
“With this final sale, we are honoring the commitments made to employees and communities where the facilities are located, and we will maintain close communication with the towns to ensure a smooth transition.”
The sale was conducted via a competitive auction process administered and overseen by the New Hampshire Public Utilities Commission and executed by J.P. Morgan.
Hull Street Energy managing partner Sarah Wright said: “With the addition of these high-quality assets and people to our existing foundation, we are excited about building a best-in-class renewable power generation business.
“We are committed to maintaining safe, reliable, and profitable facilities and will continue our long track record of vigilant adherence to all regulatory and environmental standards.”
“We are excited to be part of this transaction and look forward to working constructively with local New Hampshire communities and stakeholders to make a reliable source of low carbon energy available to support the regional economy.”