Hull Street Energy Buys Two PJM Power Plants
Hull Street Energy bought two dispatchable power stations from Rockland Capital in the PJM Interconnection, adding over 1.2 GW of capacity.
Maryland investment firm Hull Street Energy has completed its acquisition of two power plants in the PJM Interconnection market. The deal, first announced in March, was finalized on August 26.
The acquired facilities are now part of Hull Street's "GridFlex Portfolio." They are the gas-fired Lee County Generating Station in Illinois and the dual-fuel Tait Electric Generating Station in Ohio. Hull Street did not disclose the financial terms of the transaction with seller Rockland Capital.
| Plant | Location | Fuel Type | Capacity (MW) |
|---|---|---|---|
| Lee County Generating Station | Illinois | Gas-fired | 677 |
| Tait Electric Generating Station | Ohio | Dual-fuel | 586 |
Company founder and managing partner Sarah Wright emphasized the strategic importance of the assets. "Dispatchable resources are increasingly important as the resource mix becomes more intermittent and demand grows," Wright stated. She noted this is particularly true in PJM, where declining reserve margins increase the need to retain and improve assets like Lee and Tait.
Portfolio Expansion
With this acquisition, Hull Street's portfolio has grown significantly. The company said the new GridFlex Portfolio, combined with its existing Milepost Power fleet, means it now owns nearly 5 gigawatts of gas-fired and dual-fueled power generation capacity in the United States. Hull Street now positions itself as one of the nation's largest privately held power producers.
The transaction was financed with equity from Hull Street Energy managed funds and committed senior secured debt financing. Santander and Investec Inc. served as Joint Lead Arrangers and Joint Bookrunners, with Santander acting as Administrative Agent. Troutman Pepper Locke provided legal counsel to Hull Street.
On the seller's side, financial advisors were PEI Global Partners, LLC and Houlihan Lokey. Bracewell acted as legal counsel to Rockland Capital. Texas-based Rockland Capital is a private equity firm formed in 2003 to invest in power and energy infrastructure in the U.S. and UK.
Recent Acquisition Activity
This is not Hull Street's only major purchase this year. Earlier in 2024, the firm acquired a portfolio of renewable energy and storage assets from FirstLight USA. That deal included the 1,168-MW Northfield Mountain pumped storage hydro facility in Massachusetts, which is the largest energy storage facility in New England.
The earlier acquisition also included 14 hydroelectric stations across Connecticut, Massachusetts, and Pennsylvania, plus three operational solar and battery facilities in the Northeast. According to the source report by POWER senior editor Darrell Proctor, Hull Street is actively building a diverse generation and storage portfolio.
