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Hull Street Energy strengthens presence in Illinois with J-Power asset acquisition

Hull Street Energy has finalised the acquisition of electricity generation assets from J-Power USA near Joliet, consolidating its Milepost Power fleet to nearly 3,500 MW of installed capacity.

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Hull Street Energy, an investment firm specialised in energy infrastructure and based in Bethesda, announced the acquisition of generation assets located near Joliet, Illinois. The facilities, divested by Elwood Energy LLC, a subsidiary of J-Power USA, are being integrated into Hull Street Energy’s existing Milepost Power fleet, bringing its total capacity to approximately 3,500 megawatts.

A portfolio focused on gas and dual-fuel

The acquired assets include simple-cycle generation units primarily using natural gas, with dual-fuel capabilities. These facilities are designed to provide rapid response to market demand fluctuations while ensuring regional supply security. The Joliet sites align with Hull Street Energy’s strategy to consolidate strategic thermal assets across interconnected zones in the Midwest.

Legal and financial advisors involved

For this transaction, Hull Street Energy received legal counsel from Troutman Pepper. Financial advisory services were provided by CIBC Capital Markets and Merit Capital Advisors. On the seller’s side, J-Power USA was represented by Baker McKenzie. No official transaction amount was disclosed.

Regional consolidation and operational flexibility

This acquisition allows Hull Street Energy to strengthen its position within the Midcontinent Independent System Operator (MISO) electricity grid, which spans a large portion of the U.S. Midwest. The assets support fast-response generation during peak periods, particularly in winter and extreme summer heat. According to the company, the strategy aims to maintain stable production capacity, independent of the variability of renewable energy sources.

Through this deal, Hull Street Energy reaffirms its intention to build a portfolio of low-operational-risk assets focused on delivering reliable electricity from already operating thermal power plants.

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