Canada's PSP Investments agreed on 19 May to sell the US operations of FirstLight, about 1.4 GW of hydroelectric, pumped-storage and renewable assets in the Northeast, to Hull Street Energy.
Why Hull Street Energy is buying FirstLight USA
Hull Street founder Sarah Wright said the retirement of dispatchable generation in New England has left the region struggling to integrate enough clean resources to meet demand, making long-duration resources such as pumped storage more valuable for grid reliability. PSP said the sale reflects disciplined portfolio management.
Deal terms and financing
Terms were not disclosed. FirstLight's US employees, led by chief executive Justin Trudell, move with the assets, while PSP keeps the Canadian platform, H2O Power and Hydromega.
Regulatory approvals and timing
The transaction is subject to customary regulatory approvals.
Market context
The portfolio is anchored by Northfield Mountain in Massachusetts, a 1,168 MW pumped-storage hydro facility, and includes 14 hydroelectric stations in Connecticut, Massachusetts and Pennsylvania, including the Allegheny Hydro portfolio.
