Hull Street Energy to Acquire New York Power Plants from J-POWER USA

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Aug 01, 2024, 10:30 ET

BETHESDA, Md. and CHICAGO, Aug. 1, 2024 /PRNewswire/ -- Hull Street Energy ("HSE") has agreed to acquire four New York thermal power plants from J-Power USA. The portfolio includes Edgewood Energy, LLC, Shoreham Energy, LLC, Pinelawn Power LLC, and Equus Power I, L.P. Located on Long Island, the portfolio provides 300 megawatts of critical power generation to support New York customers.

Jones Beach Tower Long Island, NY. Photo by David Israel

Upon the close of this transaction, HSE affiliates will own approximately 2,650 megawatts of strategically located gas-fired and dual-fueled generation capacity operating as part of the Milepost Power fleet to provide meaningful grid reliability support to the decarbonizing United States grid.

Troutman Pepper acted as legal counsel to HSE. CIBC Capital Markets and Merit Capital Advisors acted as financial advisors and Baker McKenzie acted as legal counsel to J-Power.

About Hull Street Energy, LLC
HSE is a private equity firm that specializes in deploying capital into the power sector as it decarbonizes. Headquartered in Bethesda, Maryland, the team leverages its decades of experience and unique knowledge of North American electricity infrastructure, fundamentals and grid operations, including fuel inputs, commodity contract structuring, renewable and fossil powered generation assets, energy storage, transmission and distribution systems, and electricity demand-side businesses to build value for stakeholders. For further information about HSE please see www.hullstreetenergy.com.

About Milepost Power
Milepost Power owns and manages flexible, dependable, and clean natural gas and dual-fuel electric generating plants in North America, providing electricity and critical reliability service to the grid. Its power plants and analytically driven risk management protocols position the company to play an increasingly important role as the industry transitions to include more renewable generation resources. Milepost Power is an affiliate of Hull Street Energy. For further information please see www.milepostpower.com.

About J-Power USA
J-POWER USA is a wholly owned subsidiary of J-POWER North America Holdings Co., Ltd. which is a wholly owned subsidiary of Electric Power Development Co., Ltd. ("J-POWER") with headquarters located in Tokyo, Japan. J-POWER USA, headquartered in the greater Chicago area, has a long-term strategy to acquire, develop, finance, and operate power generation facilities in North America through its team of power professionals with a proven track record of successfully developing and acquiring power projects in the IPP sector.

J-POWER stock is listed on the Tokyo Stock Exchange. In the fiscal year ending March 2022, J-POWER had revenues of US$8.9 billion and assets of approximately US$25.1 billion. With approximately 26,000 megawatts of net ownership, J-POWER is one of the world's largest independent generators of electricity, owning 96 power plants in Japan and 35 international IPP investments. For further information please see www.jpowerusa.com.

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SOURCE Hull Street Energy