Hull Street Energy has closed on the previously-announced acquisition of nine hydroelectric power facilities in New Hampshire from Eversource through a special purpose affiliate. The transaction consists of nine facilities with approximately 68 MW of power generation capacity. The plants are located on the Androscoggin, Connecticut, Merrimack, North Branch, and Pemigewasset Rivers.
The closing is another milestone in Hull Street Energy’s strategic plan to deploy capital into the North American power sector as the grid transitions to a more sustainable asset base. Hull Street Energy affiliates will now own approximately 531 MW and 19 power generation stations in the Northeast, Mid-Atlantic and Western United States. The New Hampshire hydroelectric portfolio will now be part of Central Rivers Power which owns and operates 14 hydroelectric stations in Massachusetts and New Hampshire, and will be headquartered in Bethesda, MD.
“With the addition of these high-quality assets and people to our existing foundation, we are excited about building a best-in-class renewable power generation business. We are committed to maintaining safe, reliable, and profitable facilities and will continue our long track record of vigilant adherence to all regulatory and environmental standards,” said Sarah Wright, Managing Partner at Hull Street Energy. “We are excited to be part of this transaction and look forward to working constructively with local New Hampshire communities and stakeholders to make a reliable source of low carbon energy available to support the regional economy.”
The sale of the hydroelectric plants was part of a comprehensive restructuring and rate stabilization settlement agreement between Eversource and the State of New Hampshire in 2015. The transaction was conducted via a competitive auction process administered and overseen by the New Hampshire Public Utilities Commission and executed by J.P. Morgan.
Manatt Phelps and Phillips, LLP and Van Ness Feldman, LLP acted as legal counsel to Hull Street Energy on the transaction.