The nine facilities, located in Manchester, Bristol, Franklin, West Stewartstown, Bow, Hooksett, Gorham, Hillsborough and Berlin in New Hampshire, have a capacity to generate 68.2MW of power.
Hull Street Energy, which invests in power generation assets and related businesses, has drawn up a strategy to strengthen its presence in the North American power sector, and the decision to acquire the nine facilities is part of the plan.
After the acquisition, Hull Street Energy affiliates will own 531MW of power generation assets in the northeast, mid-Atlantic and western US.
The sale was part of an agreement between Eversource and other parties to implement the New Hampshire’s Electric Restructuring Law. The goal was to achieve a competitive electric energy marketplace.
The transaction was conducted through an auction process formulated by the New Hampshire Public Utilities Commission (NHPUC) and managed by JP Morgan.
Manatt Phelps and Phillips and Hogan Lovells acted as legal counsel to Hull Street Energy.
The transaction is expected to conclude by early 2018 subject to approval by the NHPUC, the Federal Energy Regulatory Commission (FERC) and other bodies.
Hull Street Energy earlier this year acquired five hydro power facilities in Massachusetts that were once owned by Northeast Utilities. With the acquisition of the nine plants in New Hampshire, the company’s hydroelectric plant portfolio will exceed 85MW.
Hull Street Energy managing partner Sarah Wright said: “The acquisition of the Eversource hydroelectric fleet is an important step in enhancing our presence in the northeast renewable power sector.”
“We look forward to partnering with the experienced workforce and other regional stakeholders as we build a leading regional renewable generation business and supply a variety of products to regional electricity customers,” Wright added.
