Hull Street Energy has signed a deal with a subsidiary of NextEra Energy Resources to acquire the Bayswater and Jamaica Bay natural gas-fired power plants in New York state, which have a combined capacity of nearly 110MW.
The financial terms of the deal were not disclosed by Hull Street Energy.
Built in Far Rockaw, Bayswater is a 56MW simple cycle power plant, which started operations in 2002. It is made up of a Pratt & Whitney Power Systems combustion turbine that enables it to generate enough electricity to cover 56,000 homes.
Jamaica Bay, which has been built in Queens, is a 54MW simple cycle power plant. The power plant, which features a Pratt & Whitney Power Systems combustion turbine, has been in operations since 2003.
The Jamaica Bay power plant is capable of meeting the power consumption needs of about 54,000 homes.
Both Bayswater and Jamaica Bay are peaking plants, which means they are brought into service at times of peak customer demand on the regional power grid.
Hull Street Energy said that the two power plants and its employees will be high-quality additions to its portfolio of critical power infrastructure. The acquisition of the two facilities will expand its portfolio of power generation stations to 21, while taking its power generation capacity to more than 640MW of renewable, gas-fired, and dual-fueled generation capacity.
The companies’ power plants serve the Northeast, Mid-Atlantic and Western United States markets.
Hull Street Energy, in a statement, said: “Through this acquisition, the firm will be able to help support the state, local community and other stakeholders integrate new variable renewable energy resources and maintain regional reliability standards, as New York works to achieve its goal of supplying half of its electricity needs from clean renewable energy resources by 2030.”
The closing of the transaction will be based on receipt of customary regulatory approvals.
Headquartered in Bethesda, Maryland, Hull Street Energy is a private equity firm that is engaged in making controlling equity investments in middle market energy opportunities.
The company is focused on investing in operating gas-fired power plants, operating and late-stage development renewable projects, power transmission and distribution assets, and demand side resources like grid optimization, distributed generation, and customer supply businesses.
In August 2018, the company completed acquisition of nine hydroelectric stations from Eversource in New Hampshire with a combined capacity of around 68MW.