Eversource completes sale of nine small hydroelectric plants to Hull Street Energy
Hull Street Energy has announced that it has closed on the previously-announced acquisition of nine hydroelectric power facilities in New Hampshire, north-east USA, from Eversource through a special purpose affiliate. The nine facilities have approximately 68 MW of power generation capacity altogether. The plants are located on the Androscoggin, Connecticut, Merrimack, North Branch, and Pemigewasset Rivers.
The New Hampshire hydroelectric portfolio will now be part of Central Rivers Power which owns and operates 14 hydroelectric stations in Massachusetts and New Hampshire, and will be headquartered in Bethesda, Maryland.
The sale of the plants was part of a comprehensive restructuring and rate stabilization settlement agreement between Eversource and the State of New Hampshire in 2015. The transaction was conducted via a competitive auction process administered and overseen by the New Hampshire Public Utilities Commission and executed by J.P. Morgan.
Manatt Phelps and Phillips, LLP and Van Ness Feldman, LLP acted as legal counsel to Hull Street Energy on the transaction.
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