#United States #Hull Street Energy #Basin Creek #Platform Partners #Butte, Montana

Hull Street Energy's Strategic Divestment

In a significant move for energy market dynamics, Hull Street Energy (HSE) has successfully completed the sale of Basin Creek HoldCo, LLC, which encompasses the Basin Creek natural gas-fired power plant located in Butte, Montana. The transaction, finalized on January 9, 2025, marks a notable shift for HSE as it refines its investment strategy in the evolving power sector.

The Sale Details

HSE, a private equity firm based in Bethesda, Maryland, has sold Basin Creek to Basin Creek Acquisition LLC, a new entity formed under the aegis of notable investment firm Platform Partners LLC and William Pate. The facility, which is pivotal for electric generation, provides 53 megawatts of essential power to consumers throughout Montana. This transition aligns with HSE's mission of focusing on assets that support the decarbonization of the energy landscape.

Legal Counsel and Support

The legal facets of this sale have been fortified by Troutman Pepper, acting as legal counsel for HSE, while Neal, Gerber & Eisenberg LLP provided counsel on the acquisition side. Additionally, Akin Gump Strauss Hauer & Feld LLP served as counsel related to the Federal Energy Regulatory Commission (FERC) to ensure compliance with the necessary regulatory frameworks.

Hull Street Energy's Vision

Founded with a vision to contribute to the transitional energies needed to combat climate change, Hull Street Energy specializes in investments that facilitate the decarbonization of the energy sector. Their approach leverages extensive knowledge of North American electricity infrastructures, focusing on decarbonized energy systems, advanced power generation, and innovative electricity demand solutions.

The sale of Basin Creek marks a continuation of HSE's strategies to address global energy challenges and transition towards more sustainable energy avenues. For further insights into Hull Street Energy’s operations and investments, interested parties can visit their official website at www.hullstreetenergy.com.

About Basin Creek Power Plant

The Basin Creek facility has played a crucial role in maintaining steady electric generation capacity for the state of Montana, underlining the importance of natural gas as a bridge fuel while renewable energy sources are gradually integrated into the power mix. By transferring ownership, HSE not only enables a shift in operational strategies but also emphasizes their commitment to fully leveraging resources in alignment with carbon neutrality goals.

Platform Partners: New Ownership

Platform Partners LLC, co-founded in 2006, is a committed investment firm recognized for its focus on nurturing growth in lower middle-market companies. Their expertise lies in transforming industries through a synergistic growth approach, combining organic and acquisition strategies. Managing approximately $800 million in total assets gives them the leverage to build robust portfolios in various sectors, including energy. More information about Platform Partners can be accessed at www.platformllc.com.

Conclusion

As Hull Street Energy exits the Basin Creek power generation business, it clearly affirms its long-term vision by redirecting investments towards more environmentally sustainable options within the energy sector. Investors and stakeholders can look forward to further updates as HSE continues its transformative journey in redefining energy solutions amidst a challenging climate landscape.