US-based private equity firm Hull Street Energy has entered into a definitive agreement to acquire the AL Pierce Generation facility from the Connecticut Municipal Electric Energy Cooperative, the firm said.
The facility is in Wallingford, Connecticut and provides 84mw of flexible, fast start dual-fueled power generation capacity to the New England region.
The AL Pierce facility will be an addition to Hull Street Energy's portfolio of critical power infrastructure.
With this acquisition, the firm will continue to support regional reliability standards, allowing for the integration of new variable renewable energy resources as New England states work to achieve their climate goals.
Upon closing this transaction, Hull Street Energy affiliates will own 52 power generation stations providing over 950mw of renewable, gas-fired, and dual-fueled generation capacity to support grid operations throughout the United States.
Troutman Pepper LLP acted as legal counsel to Hull Street Energy. Pierce Atwood LLP acted as legal counsel to Connecticut Municipal Electric Energy Cooperative.
Hull Street Energy is a private equity firm that specializes in deploying capital into the power sector as it decarbonizes.
Established as a joint action agency in 1976 by state statute, the Connecticut Municipal Electric Energy Cooperative is responsible for the financing, acquisition and construction of electric generation resources and the implementation of power supply contracts on behalf of its municipal electric utility members.
These members include Bozrah Light and Power, Jewett City Department of Public Utilities, Groton Utilities, Norwich Public Utilities, South Norwalk Electric and Water and The Third Taxing District of Norwalk Electric Division. CMEEC also supplies the wholesale power requirements of the Mohegan Tribal Utility Authority.