Bethesda, MD and Greenwich, CT, May 8, 2023 – Hull Street Energy (“Hull Street”) and Atlas Holdings (“Atlas”) announced today the signing of 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. Located in Bastrop and Paris, Texas, the facilities provide 855 megawatts of critical power generation and reliability services to the Texas grid.
“We are thrilled to be acquiring these high-quality, winterized power plants with a track record of operational excellence,” said Edward Quinn, Chief Executive Officer of Milepost Power, Hull Street Energy’s thermal power infrastructure business unit. “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 close of this transaction and the recently announced planned acquisition of Sunrise Power Holdings LLC, which owns a 586 megawatt power plant in Bakersfield California, Hull Street Energy affiliates will own approximately 2,300 megawatts of strategically located gas-fired and dual-fueled generation capacity, which will provide meaningful reliability support to grid operations, throughout the United States.
Troutman Pepper acted as legal counsel to Hull Street Energy. King and Spalding and Houlihan Lokey acted as legal counsel and financial adviser to Atlas, respectively.
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.
Headquartered in Greenwich, Connecticut and founded in 2002, Atlas and its affiliates own and operate 26 companies, which employ approximately 50,000 associates across more than 300 facilities worldwide. Atlas operates in sectors such as aluminum processing, automotive, building materials, capital equipment, construction services, food manufacturing and distribution, packaging, paper, power generation, printing, pulp, supply chain management and wood products. Atlas’ companies together generate approximately $16 billion in revenues annually.