Hull Street Energy, the private equity firm that specializes in deploying capital into the power sector, announced this Tuesday it has acquired the management team; as well as the development pipeline of Foundation Solar Partners.
Firstly, Foundation Solar Partners is an independent renewable development company that specializes in identifying; and also developing utility-scale solar generation projects in select markets in the eastern United States.
Secondly, the company came to be back in 2019; by the powers of a team of accomplished industry veterans; to date it has developed and sold 1GW of solar projects in the PJM transmission territory.
Thirdly, through the acquisition, Hull Street Energy will add strategic scale to its holdings of critical power infrastructure; specially as it is required to support decarbonization of the North American energy economy.
Moreover, through affiliates, Hull Street Energy will on 52 power generation stations; providing 900 MW of renewable, gas-fired, and dual-fueled generation capacity. These assets will be in addition to the already growing Foundation Solar Partners development project portfolio.
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Hull Street Energy to integrate operating assets with ones in development
In addition, the integration of operating assets with the ones in development will support the U.S. transitioning grid operations; as it embraces renewable energy to add resiliency and reliability.
On the other hand, no financial details of the acquisition were disclosed; however, Baker Botts LLP acted as legal counsel to Hull Street Energy; and The Law Office of Jon Staley acted as legal counsel to Foundation Solar Partners.
Furthermore, Foundation Solar Partners has its headquarters in Washington, DC; and it takes a collaborative approach to working with landowners; also, utilities and local communities to develop utility-scale projects in the eastern United States.
Finally, Hull Street Energy has its headquarters in Bethesda, Maryland; the company has deep experience in the North American electricity infrastructure; including fuel inputs, commodity contract structuring, renewable and fossil powered generation assets; also, energy storage, transmission and distribution systems.