Energy Transition and Environmental Management LLC Completes Fossil Fuel Portfolio Acquisition from Energy Harbor Corp.
September 11, 2023
Houston, Texas, September 11, 2023 – Energy Transition and Environmental Management LLC (ETEM), an affiliate of Hull Street Energy, LLC, has completed a series of transactions with subsidiaries of Energy Harbor Corp. (collectively, Energy Harbor) designed to facilitate Energy Harbor’s divestiture of fossil-fueled electric generating assets and associated liabilities.
In December 2022, ETEM acquired the Pleasants Power Plant, a 1,280 megawatt coal-fired power plant located in Pleasants County, West Virginia from Energy Harbor (the Pleasants Station). In August 2023, ETEM sold the Pleasants Station to a California-based company that intends to retrofit the Pleasants Station to burn hydrogen gas produced at the site, thereby reducing carbon emissions, extending the plant life, and preserving hundreds of local jobs.
On September 8, ETEM acquired the W.H. Sammis Power Plant, a 2,220 megawatt coal-fired power plant located in Stratton, Ohio (Sammis Station) and the Hollow Rock Landfill (Hollow Rock) from Energy Harbor. ETEM expects to demolish the structures, remediate environmental conditions at the Sammis Station and Hollow Rock, and repurpose the sites for next use as the power grid transitions to a reduced carbon footprint.
In total, these highly customized transactions are expected to provide numerous economic and environmental benefits to regional stakeholders; and reflect ETEM’s collaborative approach to structuring portfolio solutions that optimize outcomes.
Babst, Calland, Clements and Zomnir, P.C. was transactional counsel for ETEM.
Akin and Black McCuskey Souers & Arbaugh were counsel for Energy Harbor.
ETEM is a Texas-based energy transition and liability transfer company focused on acquiring, remediating, and repurposing fossil fired electric generation. ETEM offers generation owners a full and final transfer of all the risks and liabilities associated with retired and operating generation. For more information, visit www.etem.eco.
About Hull Street Energy, LLC
Hull Street Energy, LLC is a private equity firm that specializes in deploying capital into the power sector as it decarbonizes. Headquartered in Bethesda, Maryland, the team leverages its decades of experience and unique knowledge of North American electricity infrastructure, fundamentals, and grid operations, including fuel inputs, commodity contract structuring, renewable and fossil powered generation assets, energy storage, transmission and distribution systems, and electricity demand-side businesses to build value for stakeholders. For further information about Hull Street Energy please see www.hullstreetenergy.com.