Investment Firm Reaches Deal with Consumers Energy to Purchase 13 Hydroelectric Dams

BETHESDA, Md., Sept. 9, 2025 /PRNewswire/ — Hull Street Energy, LLC (HSE), a prominent energy transition investment firm, today announced it has signed an agreement to purchase Consumers Energy’s hydropower fleet, comprising 13 dams across Michigan with a combined installed capacity of 132 MW.

The HSE team has a long track record of successfully owning and operating hydroelectric facilities across North America, including acquisition and improvement of 47 hydro assets within the past decade. The firm will leverage its extensive experience and capital resources to upgrade the projects, ensuring the facilities can continue to safely deliver reliable, clean energy to Michigan customers and support economic and recreational opportunities critical to local communities for years to come.

Confluence Hydro, a wholly owned subsidiary of HSE, has been formed to own and manage these assets, as well as future hydro acquisitions. Current Consumers Energy hydro employees will be offered equivalent positions with Confluence Hydro, ensuring uninterrupted operations while maintaining the highest safety standards.

“Safety has always been foundational to everything we do,” said Ed Quinn, Chief Executive Officer of Confluence Hydro. “With decades of experience operating hydro facilities, we are committed to preserving and modernizing these important resources to maximize their contribution to the grid. We deeply admire and respect the Consumers Energy team and the culture of safety and operational excellence they have built. We see extraordinary opportunity to leverage our combined strengths to build a best-in-class hydro company – one that protects communities, supports employees, mitigates risk, and delivers reliable, clean energy for the future.”

Under terms of the agreement, Confluence Hydro will enter into a contract with Consumers Energy to provide power from the facilities for 30 years. Confluence Hydro plans to seek approval to renew the dams’ federal operating licenses, which are set to expire beginning in 2034.

“We believe a sale of the dams is the best path forward for our customers. This sale balances two important needs, to lower costs for Consumers Energy’s customers while continuing to care for communities that depend on the dams,” said Sri Maddipati, Consumers Energy’s president of electric supply. “After numerous conversations with community members over the last three years to gather insights and feedback, we are confident this sale will preserve the reservoirs that hold the key to economic, recreational and community benefits at each of the dams.”

The transaction will need approval from state and federal regulators and is expected to take place in approximately 12 to 18 months. Earlier today, Confluence Hydro and Consumers Energy leadership briefed employees and impacted communities on the sale. Confluence Hydro is planning additional meetings with these stakeholders over the coming months to hear their perspectives and share the company’s vision.

McGuireWoods, LLP, Rock Creek Energy Group, LLP, Varnum, LLP and Potomac Law Group, PLLC acted as legal counsel to HSE.

Please direct inquiries to [email protected].

About Hull Street Energy, LLC

Hull Street Energy is a private equity firm that specializes in deploying capital into the power sector as it decarbonizes and grows. Headquartered in Bethesda, Maryland, the team leverages decades of experience in North American electricity infrastructure, including generation, storage, transmission, distribution, and load-serving businesses to deliver value for stakeholders. For further information about Hull Street Energy, please see www.hullstreetenergy.com.

About Consumers Energy
Consumers Energy is Michigan’s largest energy provider, providing natural gas and/or electricity to 6.8 million of the state’s 10 million residents in all 68 Lower Peninsula counties. Consumers Energy knows job number one is to keep the lights on for customers. We are committed to delivering reliable, clean, and affordable energy to our customers 24/7.