PE firm to buy renewables developer Foundation Solar Partners

Solar power station. Featured Image: worradirek/Shutterstock.com

May 28 (Renewables Now) - US private equity firm Hull Street Energy LLC said this week it has signed a deal to acquire Washington, DC-based renewables developer Foundation Solar Partners for an undisclosed sum.

Set up in 2019, Foundation Solar Partners is engaged in identifying and developing utility-scale solar power schemes in select markets in the eastern US. The company has developed and sold about 1 GW of solar projects in the PJM transmission territory to date.

Through this transaction, Hull Street Energy is acquiring the management team and development pipeline of Foundation Solar Partners. The move expands its footprint in decarbonisation-related critical power infrastructure. The PE firm said it will own 52 power plants providing 900 MW of renewable, gas-fired and dual-fuelled generation capacity, in addition to the growing Foundation Solar Partners development project portfolio.

Baker Botts LLP served as legal counsel to the buyer, while The Law Office of Jon Staley acted as such to the business being acquired.

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