US-based private equity firm Hull Street Energy has acquired 30 hydroelectric facilities from EGPNA Renewable Energy Partners (EGPNA REP).
EGPNA REP is a joint venture (JV) company of Enel Green Power North America and GE Energy Financial Services.
The companies have not disclosed the financial details of the deal.
According to the agreement signed by Hull Street Energy, the deal includes the purchase of 31 facilities.
With 255MW of combined power generation, the acquisition of the hydroelectric plant portfolio will take place in two phases.
The 30 hydro projects with a total capacity of 175MW are part of the first phase, which was completed last week.
The acquisition of the remaining 80MW capacity is expected to be completed in the first quarter of 2020, subject to regulatory approval.
Hydroelectric facilities that are part of the deal supply low-carbon electricity to customers in Vermont, Washington, Massachusetts, Pennsylvania, Idaho, California, North Carolina, West Virginia, New York, Virginia and South Carolina in the US.
For the transaction, BNP Paribas Securities acted as the placement agent and ancillary facility provider on a private placement financing for the transaction, and Baker Botts served as the legal counsel to Hull Street Energy.
Currently, affiliates of Hull Street Energy own 51 renewable, gas-fired and dual-fuelled power generation stations in the US. The stations supply over 815MW of electricity to support grid operations in the US.
In August 2018, Hull Street Energy purchased nine hydroelectric power facilities in New Hampshire, US.