Hull Street Energy Completes Acquisition of Peaking Plants in PJM, Expanding Milepost Power Portfolio
BETHESDA, Md. and HOUSTON, Aug. 26, 2026 /PRNewswire/ -- Hull Street Energy, LLC ("HSE"), a leading power-focused U.S. investment firm, has completed its acquisition of two power plants totaling 1,263 MW of capacity from Rockland Capital, LP ("Rockland"). The transaction was funded with equity from HSE managed funds and committed senior secured debt financing. The acquired assets, together comprising the "GridFlex Portfolio," will join Milepost Power, HSE's thermal power generation platform.
The GridFlex Portfolio consists of Lee County Generating Station, a 677 MW natural gas turbine facility in Illinois, and Tait Electric Generating Station, a 586 MW dual-fuel facility in Ohio. Both facilities are located in the PJM market, where they provide capacity and operational flexibility to support grid reliability.
"Dispatchable resources are increasingly important as the resource mix becomes more intermittent and demand grows. This is particularly true in PJM where declining reserve margins are increasing the need to retain and improve assets like Lee and Tait," said Sarah Wright, Founder and Managing Partner of Hull Street Energy.
With the addition of the GridFlex Portfolio, HSE now owns nearly 5,000 MW of highly efficient, reliable gas-fired and dual-fueled generation capacity operating within the Milepost Power fleet, making it one of the nation's largest, privately held power producers.
Santander and Investec Inc. served as Joint Lead Arrangers and Joint Bookrunners, with Santander acting as Administrative Agent. Troutman Pepper Locke acted as legal counsel to HSE. PEI Global Partners, LLC and Houlihan Lokey acted as financial advisors, and Bracewell acted as legal counsel to Rockland.
About Hull Street Energy, LLC
Hull Street Energy is a private equity firm that specializes in deploying capital into the power sector as it decarbonizes and grows. Founded in 2014 and headquartered in the Washington, D.C. metropolitan area, the Hull Street Energy team leverages decades of experience in North American electricity infrastructure, including generation, storage, transmission, distribution, and load-serving businesses to deliver value for stakeholders. For further information about Hull Street Energy, please see www.hullstreetenergy.com and follow us on LinkedIn.
About Rockland Capital, LP
Rockland, based in The Woodlands, TX, is a private equity firm focused on control investments in critical power generation assets, including power plants and power companies in the United States and the United Kingdom. Founded in 2003, the Rockland team benefits from deep and focused electric power industry experience, enabling the firm to take a hands-on, operational focus to managing assets. Targeted investments are generally undermanaged, undervalued, distressed, or in a later stage of development and, as a result, often require significant commercial or operational optimization and restructuring. For additional information, please visit www.rocklandcapital.com.
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