Private equity firm Hull Street Energy has entered into a definitive agreement to acquire the management team and development pipeline of Foundation Solar Partners, an independent renewable development company that specializes in identifying and developing utility-scale solar generation projects in select markets in the eastern U.S.
With this acquisition, Hull Street Energy says it is expanding its footprint in critical power infrastructure that will be required to support decarbonization of the North American energy economy. Through affiliates, the firm will own 52 power generation stations providing 900 MW of renewable, gas-fired and dual-fueled generation capacity – in addition to the growing Foundation Solar Partners development project portfolio – to support transitioning grid operations throughout the U.S.
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. Foundation Solar Partners was established in 2019 by a team of industry veterans and to date has developed and sold 1 GW of solar projects in the PJM transmission territory.