Hull Street Energy to Acquire California Natural Gas-Fired Power Plant

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Oct 26, 2023, 10:30 ET

BETHESDA, Md., Oct. 26, 2023 /PRNewswire/ -- Hull Street Energy has entered into a definitive agreement to acquire 100% of EF Oxnard, LLC (EF Oxnard) from an affiliate of Atlantic Power & Utilities. Located in Oxnard, California, EF Oxnard is a nominal 48 MW simple cycle, gas-fired facility.

The EF Oxnard plant and its excellent employees will be a high-quality addition to Hull Street Energy's transition-focused power infrastructure business unit, Milepost Power. Upon closing this transaction, Hull Street Energy affiliates will own approximately 2,350 MW of critical gas-fired and dual-fueled generation capacity to support grid operations throughout the United States. Hull Street Energy looks forward to working with employees and stakeholders to provide efficient, reliable support for California grid operations as the region continues to decarbonize.

Troutman Pepper acted as legal counsel to Hull Street Energy. Sidley Austin LLP acted as legal counsel to Atlantic Power & Utilities.

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. Headquartered in Bethesda, Maryland, the team leverages its decades of experience and unique knowledge of North American electricity infrastructure, fundamentals, and grid operations, including fuel inputs, commodity contract structuring, renewable and fossil powered generation assets, energy storage, transmission and distribution systems, and electricity demand-side businesses to build value for stakeholders. For further information about Hull Street Energy please see www.hullstreetenergy.com.

About Milepost Power
Milepost Power owns and manages flexible, dependable and clean natural gas and dual-fuel electric generating plants in North America, providing electricity and critical reliability service to the grid. Its power plants and analytically driven risk management protocols position the company to play an increasingly important role as the industry transitions to include more renewable generation resources. Milepost Power is an affiliate of Hull Street Energy. For further information please see www.milepostpower.com.

About Atlantic Power & Utilities.
Atlantic Power & Utilities is an independent power producer that owns power generation assets in nine states in the United States and two provinces in Canada. The generation projects sell electricity and steam to investment-grade utilities and other large customers, predominantly under long-term Power Purchase Agreements with expiration dates ranging from 2023 to 2043. The projects are diversified by geography, fuel type, technology, dispatch profile and offtaker (customer). More information can be found at www.atlanticpower.com.

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SOURCE Hull Street Energy