An affiliate of private equity firm Hull Street Energy has completed the acquisition of 100% stake in Nautilus Hydro, which owns five hydroelectric generation facilities.
Financial details about the acquisition have not been disclosed. Nautilus Hydro is owned by funds managed by affiliates of The Carlyle Group (Carlyle).
The Hull Street Energy acquisition includes hydroelectric generation facilities located in Massachusetts on the Chicopee and Deerfield Rivers.
Through the acquisition, Hull Street Energy has added nearly 18MW of renewable generation assets to its New England portfolio.
Nautilus Hydro facilities came into Carlyle’s possession after the company acquired Nautilus Power portfolio and its subsidiaries in June 2016. After the acquisition, Carlyle’s subsidiary Cogentrix Energy Power Management, has been overseeing the plant’s management, operations and maintenance.
Under the terms of the deal, Cognetrix has agreed to support a transition to Hull Street Energy’s asset management group over the next several months.
According to Hull Street Energy, the acquisition of Nautilus Hydro is part of its strategy to build and strengthen its presence in a high evolving North America’s power sector.
Presently, Hull Street’s portfolio companies own and operate about 465MW of strategically positioned generation assets in the US states of Massachusetts, Connecticut, Rhode Island, New Jersey and Montana.
In April, Hull Street Energy acquired Maxim Power USA for $106m. Hull Street Energy’s affiliate Milepost Power had purchased the company.