Hull Street Energy has reached a definitive deal to purchase a 100% stake in Sunrise Power Holdings for an undisclosed amount.
The stake was bought from Generation Bridge Acquisition, an affiliate of ArcLight Capital Partners.
Sunrise natural gas-fired plant is located in Fellows, California, and has 586MW power generation capacity. It serves the state’s Central Valley.
Hull Street Energy stated: “The Sunrise plant and its experienced employees will be a high-quality addition to Hull Street Energy’s critical power infrastructure business unit, Milepost Power, which was formed to enable the next wave of growth in the electricity industry.”
The deal will help the company ensure grid reliability while enabling the integration of new variable renewable energy resources as the state works towards reaching its climate targets.
Its affiliates will own almost 1.5GW of gas-fired and dual-fuelled generation capacity once the deal is complete.
Troutman Pepper served as legal counsel to Hull Street Energy, while Milbank acted as legal counsel to Generation Bridge.
In November 2022, LS Power agreed to purchase 42 run-of-river hydropower plants in the US from Hull Street Energy. Spread across 11 states in the US, the facilities have a combined capacity to generate 334MW of energy.
In March 2022, Hull Street Energy also took sole ownership of the 240MW Crockett co-generation facility by acquiring Osaka Gas USA’s 8.3% stake. It had held a majority stake in the facility, which is located in California, since 2021.
The facility has been managed since then by Hull Street Energy’s critical power infrastructure business unit, Milepost Power.