Hull Street Energy (HSE), a US-based private equity firm, has agreed to acquire a portfolio of four thermal power plants located on Long Island, New York, from J-Power USA.

The power plants, Edgewood Energy, Shoreham Energy, Pinelawn Power and Equus Power I LP collectively provide 300MW of critical power generation to support New York customers.

J-Power USA, headquartered in the greater Chicago area, is a wholly owned subsidiary of J-Power North America. It focuses on acquiring, developing, financing and operating power generation facilities in North America.

Affiliates of HSE will own more than 2.6GW of gas-fired and dual-fuel generation capacity.

These assets will operate under the Milepost Power fleet, contributing to grid reliability as the US continues to decarbonise its energy grid.

Milepost Power, an HSE affiliate, manages a range of natural gas and dual-fuel electric generating plants across North America.

For the acquisition, HSE was advised legally by Troutman Pepper, while J-Power USA engaged CIBC Capital Markets and Merit Capital Advisors for financial advice and Baker McKenzie for legal counsel.

The financial details of the deal have not been disclosed by either company.

In April 2023, HSE secured a deal to acquire full ownership of Sunrise Power Holdings. The terms were not disclosed.

Hull Street Energy has acquired a 100% stake in Sunrise Power Holdings from Generation Bridge Acquisition, an affiliate of ArcLight Capital Partners.

The Sunrise natural gas-fired plant in Fellows, California has a generation capacity of 586 MW and provides power to the Central Valley.

The deal will bolster the company's ability to ensure grid reliability and facilitate the integration of new variable renewable energy sources as the state progresses toward its climate goals.