- Hull Street Energy has agreed to acquire certain assets from Elwood Energy, a subsidiary of J-Power USA. - Elwood owns a 1,350 megawatt gas-fired power plant located near Joliet, Illinois. - After the acquisition, Hull Street Energy affiliates will own nearly 3,500 megawatts of gas-fired and dual-fueled generation capacity within the Milepost Power fleet. - The acquired assets will be optimized for decarbonization and reliability in the U.S. power market. - Troutman Pepper served as legal counsel to Hull Street Energy. - CIBC Capital Markets and Merit Capital Advisors acted as financial advisors for the transaction. - Baker McKenzie acted as legal counsel for J-Power USA. - Hull Street Energy specializes in deploying capital into the power sector as it transitions to decarbonization. - The firm is headquartered in Bethesda, Maryland, with expertise in North American electricity infrastructure and grid operations. - Milepost Power manages flexible and reliable natural gas and dual-fuel electric generating plants in North America. - J-Power USA focuses on acquiring, developing, financing, and operating power generation facilities in North America.

Hull Street Energy to Acquire Illinois Power Assets, Expanding Milepost Power Fleet

News provided by Hull Street Energy

Feb 18, 2025, 10:49 ET

BETHESDA, MD and CHICAGO, IL, Feb. 18, 2025 /PRNewswire/ -- Hull Street Energy, LLC ("HSE") has agreed to acquire certain assets from Elwood Energy LLC, ("Elwood") a subsidiary of J-Power USA. Elwood owns a 1,350 MW gas-fired power plant located near Joliet, Illinois.

Upon closing, HSE affiliates will own nearly 3,500 megawatts of highly efficient, reliable, gas-fired, and dual-fueled generation capacity operating within the Milepost Power fleet. Ultimately, these assets will be optimized to support decarbonization and reliability in an increasingly constrained U.S. power market.

Troutman Pepper acted as legal counsel to HSE. CIBC Capital Markets and Merit Capital Advisors acted as financial advisors, and Baker McKenzie acted as legal counsel to J-Power USA.

About Hull Street Energy, LLC
HSE 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 HSE, 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 J-Power USA
J-Power USA Generation, L.P., headquartered in the greater Chicago area, has a long-term strategy to acquire, develop, finance, and operate power generation facilities in North America through its team of power professionals with a proven track record of successfully developing and acquiring power projects in the IPP sector. For further information, please see www.jpowerusa.com.

Media Contact:
press@hullstreetenergy.com

SOURCE Hull Street Energy