US-based private equity firm Hull Street Energy has completed the acquisition of Bayswater and Jamaica Bay natural gas-fired electric generating stations from the subsidiary of NextEra Energy Resources.
Based in Far Rockaway, New York, the two facilities have the capacity to supply nearly 110MW of flexible, fast-start power generation capacity to the region.
The acquisition enables the firm to support the state, local community and other stakeholders in integrating renewable energy resources and meeting regional reliability standards of the state.
The deal will also contribute to New York’s goal of supplying half of its electricity needs from clean renewable energy resources by 2030.
The company noted that Bayswater and Jamaica Bay facilities, as well as its employees, will be high-quality additions to its energy portfolio of critical power infrastructure.
Headquartered in Bethesda, Maryland, Hull Street Energy was established to invest in the North American power segment as the grid moves to a sustainable asset base.
Hull Street Energy affiliates currently own 21 renewable, gas-fired and dual-fueled power generation stations, which supply electricity to the Northeast, Mid-Atlantic and the Western US markets.
For this transaction, Troutman Sanders and Hogan Lovells acted as legal counsel to Hull Street Energy.