Houlihan Lokey Advises Atlas Holdings

Houlihan Lokey is pleased to announce the sale of 100% interest in a portfolio of natural gas-fired CCGT power plants comprising Bastrop Energy Center (Bastrop), a 598 MW CCGT facility, and Paris Energy Center (Paris), a 257 MW dual-fuel CCGT facility (collectively, the “Projects”), from Atlas Holdings LLC (Atlas) to Hull Street Energy LLC (Hull Street). The transaction closed on June 1, 2023.

Bastrop and Paris are both based in Texas, within close proximity to the Austin and Dallas metro areas, respectively. Bastrop is a baseload facility that is primarily correlated to ERCOT’s North zone, while physically located in ERCOT’s South zone. Bastrop sells power into ERCOT on a merchant basis. Paris provides reliable on-peak services and sells power into ERCOT North on a merchant basis.

The Projects were previously owned by Atlas, a private equity firm headquartered in Greenwich, Connecticut, that owns and operates 26 companies across various industries, including industrials and power generation. The Projects were managed by Kindle Asset Management LLC (Kindle). Following the closing of the transaction, Kindle will continue to provide asset management services for both facilities under a transaction services agreement.

Hull Street is a private equity firm headquartered in Bethesda, Maryland, that specializes in investing in the power sector and currently owns approximately 2.3 GW of thermal generation throughout the United States.

Houlihan Lokey served as the exclusive financial advisor to Atlas and assisted in marketing, structuring, negotiating, and other financial aspects of the transaction on its behalf. This transaction highlights Houlihan Lokey’s continued success advising the largest market participants in the power industry.