Electric industry-focused private equity firm Hull Street Energy has purchased nine hydroelectric power facilities in New Hampshire.
With nearly 68MW of power generation capacity, the facilities were acquired from Massachusetts-based energy company Eversource through a special purpose affiliate and are located on the Androscoggin, Connecticut, Merrimack, North Branch, and Pemigewasset Rivers.
The sale is part of a comprehensive 2015 restructuring and rate stabilisation settlement agreement between Eversource and the State of New Hampshire.
Hull Street Energy affiliates now own approximately 531MW and 19 power generation stations in the Northeast, Mid-Atlantic and Western US.
Headquartered in Bethesda, Maryland, the New Hampshire hydroelectric portfolio will become a part of Central Rivers Power that owns and operates 14 hydroelectric stations in Massachusetts and New Hampshire.
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.”
The transaction was carried out through a competitive auction process, which was established by the New Hampshire Public Utilities Commission and managed by JP Morgan.
Manatt Phelps and Phillips, and Van Ness Feldman, served as legal counsel to Hull Street Energy.