February 3 (Renewables Now) - US private equity firm Hull Street Energy has sealed a deal to buy a 255-MW portfolio of 31 hydroelectric facilities from a joint venture between Enel Green Power North America and GE Energy Financial Services.
The agreement calls for EGPNA Renewable Energy Partners (EGPNA REP) to sell the said plants in two phases, starting with the transfer of 30 assets totalling 175 MW in a transaction that closed last week. The second phase will see Hull Street Energy acquire the remaining 80 MW of capacity by the end of this quarter.
The buyout firm said that the plants being acquired supply power to regional electricity customers in the states of Vermont, Washington, Massachusetts, New York, Virginia, South Carolina, Idaho, California, North Carolina, West Virginia and Pennsylvania.
Hull Street Energy did not disclose the value of the overall transaction but said that BNP Paribas Securities Corp acted as sole placement agent and ancillary facility provider on a private placement financing for it. On the other hand, Baker Botts LLP served as legal counsel.