The investment firm Hull Street Energy has finalized the sale of Basin Creek HoldCo, LLC, a natural gas power plant located in Butte, Montana, United States. This plant, with a capacity of 53 megawatts, is now owned by Basin Creek Acquisition LLC, an entity created by Platform Partners LLC and William Pate.
The power plant plays a crucial role in supplying electricity to the region, contributing to energy reliability in a state where electricity demand remains consistent despite a national energy transition. Basin Creek Acquisition LLC plans to maintain the plant’s operations as a strategic infrastructure to meet regional energy needs.
A Strategic Repositioning
Hull Street Energy, based in Bethesda, Maryland, is known for its targeted investments in the North American energy sector, particularly in assets aligned with decarbonization objectives. This sale is part of the company’s strategy to redeploy capital toward initiatives more aligned with climate goals and growth opportunities.
The transaction was structured with legal support from Troutman Pepper for Hull Street Energy, Neal, Gerber & Eisenberg LLP for Basin Creek Acquisition LLC, and Akin Gump Strauss Hauer & Feld LLP for regulatory matters before the Federal Energy Regulatory Commission (FERC).
An Evolving Energy Context
This transaction highlights an increasing trend in the energy sector where companies are reorganizing their portfolios to address economic and environmental demands. The Basin Creek plant, previously managed by Milepost Power, a subsidiary of Hull Street Energy, will continue to play a key role in ensuring the flexibility and stability of Montana’s electric grid.
In a context where renewable energies are gaining prominence, the sale of infrastructures like Basin Creek underscores the challenges of balancing the energy transition with immediate reliability demands.
