Secondary Buyout • Energy Services and Equipment

Hull Street Energy Acquires Sunrise Power Holdings

On April 20, 2023, private equity firm Hull Street Energy acquired energy services and equipment company Sunrise Power Holdings from ArcLight Capital Partners

Acquisition Context
  • This is Hull Street Energy’s 5th transaction in the Energy Services and Equipment sector.
  • This is Hull Street Energy’s 13th transaction in the United States.
  • This is Hull Street Energy’s 2nd transaction in California.

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M&A Deal Summary

Date April 20, 2023
Target Sunrise Power Holdings
Sector Energy Services and Equipment
Buyer(s) Hull Street Energy
Sellers(s) ArcLight Capital Partners
Deal Type Secondary Buyout

Target Company

Sunrise Power Holdings

Fellows, California, United States
Sunrise Power Holdings provides 586 megawatts of critical generation and reliability services to California's Central Valley. Sunrise Power Holdings is based in Fellows, California.
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Buyer Overview 1

DESCRIPTION

Hull Street Energy is a private investment firm focused on the energy sector. Hull Street Energy invests in middle-market power companies that are strategically positioned for growth as North American fuel supply, generation, transmission, and behind-the-meter assets transition to support a more sustainable future. Hull Street seeks controlling equity investments in middle market energy opportunities including operating gas fired power plants, operating and late stage development renewable projects, electricity transmission and distribution assets, and demand side resources such as grid optimization, distributed generation, and customer supply businesses. Hull Street Energy was formed in 2014 and is based in Bethesda, Maryland.


Deal Context for Buyer #
Overall 13 of 17
Sector: Energy Services and Equipment 5 of 6
Type: Secondary Buyout 2 of 2
State: California 2 of 3
Country: United States 13 of 17
Year: 2023 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-28 Foundation Solar Partners

Washington, District of Columbia, United States

Foundation Solar Partners is an independent solar resource development company that collaborates with landowners, utilities, and local communities to develop utility-scale projects in the eastern United States. Foundation Solar Partners headquartered in Washington, District of Columbia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-16 Greenskies Clean Focus

North Haven, Connecticut, United States

Greenskies Clean Focus offers a full suite of renewable energy solutions to commercial, public sector, and utility energy users. Greenskies Clean Focus delivers the most cost-competitive solar, battery storage, and low carbon solutions. Greenskies originates, develops, constructs, and operates, while Clean Focus finances and owns the systems. Greenskies Clean Focus was founded in 2009 and is based in North Haven, Connecticut.

Buy -

Seller Profile 1

SELLER

ArcLight Capital Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Infrastructure
Founded 2001
PE ASSETS 20.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

ArcLight Capital Partners is private equity firm that invests in energy assets and businesses. Specific areas of interest include power generation; oil, natural gas, coal extraction and production; midstream gathering, processing, storage and transportation of oil, natural gas, coal; energy transportation; and energy distribution companies. ArcLight's geographic coverage includes opportunities across North America, Western Europe, and Australia/New Zealand. ArcLight was formed in 2001 and has offices in Boston and Luxembourg.


Deal Context for Seller #
Overall 28 of 29
Sector: Energy Services and Equipment 7 of 7
Type: Secondary Buyout 9 of 9
State: California 3 of 3
Country: United States 26 of 27
Year: 2023 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-10 Great River Hydro

Westborough, Massachusetts, United States

Great River Hydro is a renewable energy infrastructure platform that represents the largest conventional hydroelectric portfolio in New England. The Company owns 13 hydroelectric generating stations with a total capacity of 589 megawatts along New England's Connecticut and Deerfield rivers, as well as a portfolio of co-located battery storage and solar development projects. Great River Hydro is based in Westborough, Massachusetts.

Sell $2.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-05 Gulf Oil

Wellesley Hills, Massachusetts, United States

Gulf Oil is a diverse and growing refined products terminaling, storage, and logistics business and a leading distributor of motor fuels in the United States. Gulf Oil was established in 1901 and is based in Wellesley Hills, Massachusetts.

Sell -