Maryland-based energy investor Hull Street Energy has completed the previously announced acquisition of Sunrise Power Holdings, which owns a 586MW natural gas-fired power plant in California, US.
The power plant in Fellows provides critical electricity generation in the Central Valley region.
It comprises two GE Frame 7FA gas turbines and one Alstom steam turbine with selective catalytic reduction technology.
The deal was announced in April 2023. ArcLight Capital Partners’ affiliate Generation Bridge Acquisition is the seller.
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The acquisition showcases Hull Street’s support for both grid reliability and the environmental objectives of the state.
At the time the acquisition was announced, the company confirmed that the Sunrise plant and its staff will be an addition to Milepost Power, its critical power infrastructure business arm.
Hull Street Energy now owns 2.3GW in gas-fired and dual-fuelled generation capacity across the US.
The deal funding was led by Investec, which initially served as book-runner and coordinating lead arranger.
Deutsche Bank was the coordinating lead arranger, while Mitsubishi UFJ Financial Group then became joint book-runner and coordinating lead arranger.
Generation Bridge owns a portfolio with an installed capacity of 5.9GW in critical power generation facilities serving California, Connecticut and New York.
In early June 2023, Hull Street also acquired the Bastrop Energy Center and the Paris Energy Center natural gas-fired power plants in Texas from Atlas’s Mesquite Generation.
Together, the plants supply 855MW of critical power to the state grid.