Hull Street Energy Finalizes Agreement to Purchase Power Generation Facilities near Joliet, Illinois
Hull Street Energy, an investment firm specializing in energy infrastructure and headquartered in Bethesda, has finalized an agreement to purchase power generation facilities near Joliet, Illinois. These assets, previously owned by Elwood Energy LLC, a subsidiary of J-Power USA, are being added to Hull Street Energy's existing Milepost Power portfolio, boosting the company’s total generation capacity to roughly 3,500 megawatts.
The acquired facilities consist of simple-cycle generation units capable of operating on natural gas and dual-fuel configurations. This design enables a quick response to changing market needs and contributes to regional electricity reliability. The addition of the Joliet sites reinforces Hull Street Energy’s plan to build a collection of important thermal power plants in connected areas throughout the Midwest.
Hull Street Energy received legal advice from TroutmanPepper for the transaction, with financial guidance provided by CIBC Capital Markets and Merit Capital Advisors. J-Power USA was represented by Baker McKenzie. The financial details of the acquisition have not been publicly released.
This acquisition will bolster Hull Street Energy's presence within the Midcontinent Independent System Operator (MISO) electricity grid, a significant portion of the U.S. Midwest. The facilities will provide rapid-response power generation during periods of high demand, such as during extreme weather conditions. The company's approach emphasizes consistent power output, supplementing the variability inherent in renewable energy sources.
The transaction underscores Hull Street Energy's commitment to building a portfolio of assets with minimal operational risk, focused on the dependable production of electricity from established thermal power plants.
