Hull Street Energy closed a $160 million financing for its 855 MW Milepost Power Texas portfolio known as Mesquite Generation. The plants in the Mesquite portfolio are located in Bastrop and Paris, TX and provide critical power generation and reliability services to the Texas grid. Proceeds will be used to fund reserves, expenses and distributions to investors.
“This financing demonstrates the underlying operational strength of the portfolio, and our increasing ability to execute capital market transactions to drive capital cost down and enhance investor returns,” Sarah Wright, founder and managing partner of Hull Street Energy, said. “We thank our lenders and legal teams for their excellent service, seamless execution and shared goal of driving the ongoing energy transition to a successful outcome through the intelligent allocation of capital.”
Investec Bank led the financing and acted as initial coordinating lead arranger and sole bookrunner. Other lenders in the financing included ING Capital as coordinating lead arranger and Starwood Infrastructure Finance and Sequoia Economic Infrastructure Income Fund as additional lenders.
Troutman Pepper acted as legal counsel to Hull Street Energy. Kirkland & Ellis acted as legal counsel to lenders.
