Investment firm Hull Street Energy (HSE), which focuses on the power sector, announced an agreement to acquire FirstLight USA from the Public Sector Pension Investment Board. The transaction includes a portfolio of about 1,400 MW of clean energy generation in the U.S. Northeast.
The deal includes ownership of Northfield Mountain, a 1,168-MW pumped storage hydro facility in Massachusetts that is the largest energy storage facility in New England. The proposed acquisition also includes 14 hydroelectric stations located in Connecticut, Massachusetts, and Pennsylvania, along with three operational solar and battery facilities in the Northeast.
“The retirement of dispatchable generation in New England has left the region struggling to integrate sufficient new clean resources to meet growing demand, raising concerns about the impact of narrowing reliability margins on grid stability and affordability,” said Sarah Wright, founder and managing partner of Hull Street Energy. “Addressing this challenge requires thoughtful retention and optimization of existing clean, firm, long-duration resources like Northfield Mountain, which plays a critical role in maintaining grid reliability across the region. We look forward to partnering with the accomplished FirstLight team to revitalize the important legacy hydro industry and deliver safe, sustainable, reliable and affordable power to customers.”
Justin Trudell, president and CEO of FirstLight, said, “Our exceptional team has grown FirstLight into a prominent clean power company in the Northeast, distinguished by our excellent operating record and the assets’ valuable contributions to the grid. We are excited to continue leading the business in the Northeast and to be partnering with Hull Street Energy in this next chapter in the FirstLight story.”
HSE and its leadership team have spent decades acquiring, operating, and stewarding hydroelectric assets across the U.S. HSE last year entered into an agreement with Consumers Energy to acquire 13 hydroelectric dams across Michigan.
HSE, after closing the Michigan and FirstLight deals, will become one of the nation’s leading hydropower investors with a fleet of about 1,200 MW of flexible pumped storage hydro capacity, and nearly 400 MW of high-quality hydroelectric capacity.
The FirstLight transaction is subject to federal regulatory approval and is expected to close later this year. Troutman Pepper Locke and DLA Piper acted as legal counsel to HSE.
—Darrell Proctor is a senior editor for POWER.
