Hull Street Energy Acquires 1.26GW of Peaking Power Plants in PJM Market in 2026

en.Wedoany.com Reported - Private equity firm Hull Street Energy (HSE) announced the completion of its acquisition of two peaking power generation facilities in the United States, with a combined installed capacity of 1.26GW, from seller Rockland Capital.

The two plants are the 677MW Lee County Generating Station in Illinois and the 586MW Tait Generating Station in Ohio, which have now been integrated into HSE's thermal power platform, Milepost Power. The acquired assets are included in the GridFlex portfolio, with Lee County being a natural gas turbine facility and Tait operating in dual-fuel mode. Both plants are located in the Pennsylvania-New Jersey-Maryland (PJM) electricity market and can provide additional capacity and operational flexibility in response to changing supply-demand patterns; HSE stated that these facilities play a critical role in ensuring the reliability of the PJM regional grid.

The transaction was funded through a combination of equity contributions from HSE-managed funds and senior secured debt financing. In terms of financing arrangements, Santander served as administrative agent and acted as joint lead arranger and joint bookrunner alongside Investec. Law firm Troutman Pepper Locke provided legal counsel to HSE, while Bracewell advised Rockland; PEI Global Partners and Houlihan Lokey served as financial advisors.

Following the acquisition, Milepost Power's total natural gas and dual-fuel generation capacity approaches 5GW. HSE Founder and Managing Partner Sarah Wright stated that as the share of intermittent generation sources in the energy mix rises and electricity demand grows, the importance of dispatchable resources continues to increase; this is particularly pronounced in the PJM market, where reserve margins are tightening, driving greater demand for preserving and improving assets such as Lee County and Tait.

HSE first publicly announced the acquisition plan in March 2026. In May of the same year, HSE also signed an agreement with the Public Sector Pension Investment Board to acquire clean energy producer FirstLight USA, a transaction involving a portfolio of generation assets totaling nearly 1.4GW in the northeastern United States, including the 1.17GW Northfield Mountain pumped storage hydroelectric station in Massachusetts, 14 hydroelectric plants located in Connecticut, Massachusetts, and Pennsylvania, as well as three operating solar and battery facilities in the region.