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Hull Street Energy will acquire the Bastrop Energy Center and Paris Energy Center from Atlas Holdings.
Hull Street Energy and Atlas Holdings have announced a definitive agreement for Hull Street to acquire 100% of the Bastrop Energy Center and Paris Energy Center power plants from Mesquite Generation Holdings LLC, an affiliate of Atlas. Situated in Bastrop and Paris, Texas, the facilities contribute 855 MW of vital power generation and reliability services to the Texas grid.
Edward Quinn, Chief Executive Officer of Milepost Power, Hull Street Energy's thermal power infrastructure business unit, stated, "We are thrilled to be acquiring these high-quality, winterized power plants with a track record of operational excellence. We look forward to working with the employees and other regional stakeholders to enhance the resiliency and reliability of power service for regional customers as the intermittent renewable fleet grows."
Upon the completion of this transaction and the recently announced planned acquisition of Sunrise Power Holdings LLC, which owns a 586 MW power plant in Bakersfield, California, Hull Street Energy affiliates will own approximately 2,300 MW of strategically located gas-fired and dual-fueled generation capacity. This capacity will offer significant reliability support to grid operations across the United States.
Troutman Pepper served as legal counsel to Hull Street Energy, while King and Spalding and Houlihan Lokey acted as legal counsel and financial adviser to Atlas, respectively.
Hull Street Energy is a Bethesda, Maryland-based private equity firm specializing in investing capital into the power sector during its decarbonization process. The team utilizes its extensive experience and unique knowledge of North American electricity infrastructure, grid operations, and electricity demand-side businesses to create value for stakeholders.
Milepost Power, an affiliate of Hull Street Energy, owns and manages flexible, dependable, and clean natural gas and dual-fuel electric generating plants in North America. These plants provide electricity and critical reliability services to the grid, and the company's analytically driven risk management protocols allow it to play an increasingly important role as the industry transitions to include more renewable generation resources.