Hull Street Energy has completed its acquisition of two power plants totaling 1,263 MW of capacity from Rockland Capital, for undisclosed terms. The assets, together forming the GridFlex Portfolio, will join Milepost Power, Hull Street Energy’s thermal power generation platform. The portfolio consists of the Lee County Generating Station, a 677 MW natural gas turbine facility in Dixon, Illinois, and the Tait Electric Generating Station, a 586 MW dual-fuel facility in Ohio. Both facilities operate in the PJM market, where they supply capacity and operational flexibility to support grid reliability amid declining reserve margins.

With the addition, Hull Street Energy now owns nearly 5,000 MW of gas-fired and dual-fueled generation capacity across the Milepost Power fleet, positioning it among the largest privately held power producers in the US.

“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.

The transaction was funded with equity from Hull Street Energy-managed funds and committed senior secured debt financing. Santander and Investec served as joint lead arrangers and joint bookrunners, with Santander acting as administrative agent. Troutman Pepper Locke acted as legal counsel to Hull Street Energy. PEI Global Partners and Houlihan Lokey served as financial advisors to Rockland, with Bracewell acting as its legal counsel.