US-based private equity firm Hull Street Energy has signed a definitive agreement with a subsidiary of NextEra Energy Resources to acquire 100% ownership stakes in the Bayswater and Jamaica Bay natural gas-fired electric generating stations.
Financial details of the deal have not been disclosed by both the companies.
Located in Far Rockaway, New York, the two facilities have the capacity to generate and supply nearly 110MW of power to the region.
The transaction is also expected to help New York to achieve its goal of supplying half of its electricity needs from clean renewable energy resources by 2030.
Completion of the transaction is subject to customary regulatory approvals.
When the deal is closed, Hull Street Energy affiliates will own 21 power generation stations, which will provide more than 640MW of renewable, gas-fired, and dual-fuelled generation capacity to the Northeast, Mid-Atlantic and Western markets in the US.
For this transaction, Troutman Sanders and Hogan Lovells acted as legal counsel to Hull Street Energy.
Headquartered in Bethesda, Maryland, Hull Street Energy was established to deploy capital into the North American power segment as the grid moves to a sustainable asset base.
In August 2018, Hull Street Energy completed the acquisition of nine hydroelectric power facilities in New Hampshire from Eversource through a special purpose affiliate.
These nine facilities have around 68MW of power generation capacity.
The facilities are situated on the Androscoggin, Connecticut, Merrimack, North Branch, and Pemigewasset Rivers.
In June 2018, an affiliate of Hull Street Energy completed the acquisition of 100% of the ownership interests in Nautilus Hydro, from funds managed by affiliates of The Carlyle Group.
Nautilus Hydro owns five hydroelectric generation facilities located in Massachusetts on the Chicopee and Deerfield Rivers.
Following this deal, Hull Street Energy added around 18MW of renewable generation assets to its New England portfolio.