Hull Street Energy Acquires 1,263 MW GridFlex Portfolio in PJM

The newly acquired GridFlex Portfolio consists of a 677 MW natural gas turbine facility in Dixon, Illinois, and a 586 MW dual-fuel plant in Ohio. These assets operate within the PJM Interconnection, a regional transmission organization that manages the movement of wholesale electricity across 13 states and the District of Columbia.

Sarah Wright, founder and managing partner of Hull Street Energy, noted that dispatchable resources are critical as the energy mix shifts toward intermittent sources and overall demand rises. With declining reserve margins in the PJM market, these facilities provide essential operational flexibility. This transaction pushes Hull Street Energy’s total generation capacity under its Milepost Power platform to nearly 5,000 MW, solidifying its position as a significant privately held power producer in the United States.

Funding for the deal was provided through equity from HSE-managed funds alongside senior secured debt financing. Santander and Investec Inc. acted as joint lead arrangers and bookrunners, while Troutman Pepper Locke provided legal counsel to the buyer. PEI Global Partners and Houlihan Lokey served as financial advisors to the seller, Rockland Capital, with Bracewell acting as legal counsel.