Hull Street Energy Buys FirstLight's U.S. Assets in Major Power Play

MONTRÉAL, QC – May 19, 2026 – In a significant move reshaping a segment of the North American clean energy market, the Public Sector Pension Investment Board (PSP Investments) has agreed to sell the U.S. operations of its clean power platform, FirstLight, to Hull Street Energy. The deal transfers a substantial portfolio of approximately 1.4 GW of installed capacity—comprising hydroelectric generation, energy storage, and other renewable assets—across Massachusetts, Connecticut, and Pennsylvania to the private equity firm.

The transaction marks a strategic pivot for PSP Investments, one of Canada's largest pension investors, while representing a major expansion for Hull Street Energy, a firm specializing in power infrastructure and investments driving the energy transition. FirstLight's U.S.-based employees, including President and CEO Justin Trudell, will transition with the assets, ensuring operational continuity under the new ownership.

Hull Street Energy Deepens U.S. Clean Power Footprint

The acquisition is a landmark for Hull Street Energy, aligning perfectly with its established investment thesis of acquiring and optimizing critical power infrastructure to support the ongoing decarbonization of the North American grid. Since its founding in 2014, the firm has built a diverse portfolio that includes thermal, hydro, solar, and battery storage assets, employing a rigorous, quantitative approach to its investments.

This purchase significantly bolsters Hull Street’s presence in the U.S. Northeast. The portfolio includes 14 hydroelectric stations and, most notably, the 1,168 MW Northfield Mountain pumped storage facility in Massachusetts. Described as the largest energy storage facility in New England, Northfield Mountain is a critical asset for grid reliability, capable of providing long-duration storage that helps integrate intermittent renewable sources like wind and solar. This capability is increasingly vital as regional grids like ISO New England face narrowing reliability margins due to the retirement of dispatchable thermal generation.

The deal is consistent with Hull Street's recent activity. The firm has been methodically assembling a portfolio of assets crucial for a stable energy transition, including a 2025 agreement to purchase 13 hydropower dams in Michigan and strategic investments in distributed solar developer Greenskies Clean Focus and utility-scale storage developer Flatiron Energy. By acquiring FirstLight's U.S. assets, Hull Street not only gains scale but also deepens its expertise in hydroelectric power, a key source of firm, clean energy.

Justin Trudell, President and CEO of FirstLight, expressed optimism about the new chapter. "We value what the team has built at FirstLight and are grateful for the support of PSP Investments during their ownership," he said in a statement. "We are excited to continue leading the U.S. business and to be partnering with Hull Street Energy in this next chapter in the FirstLight story."

A Disciplined Divestment for PSP Investments

For PSP Investments, the sale represents the culmination of a successful decade-long investment and a strategic realignment of its infrastructure portfolio. The pension fund acquired FirstLight in 2016 and supported its growth into a significant clean power platform across both the U.S. and Canada. The decision to sell the U.S. operations now reflects a calculated move to optimize returns and redeploy capital.

"This transaction reflects our disciplined approach to portfolio management and return optimization while preserving exposure to projects in Canada with long-term, inflation-linked cashflows," stated Andrew Alley, Managing Director and Global Head of Infrastructure Investments at PSP Investments. "We would like to thank the FirstLight team for their leadership, stewardship and collaboration throughout the development of the platform."

While divesting its U.S. clean power assets, PSP is pointedly retaining its Canadian platform, which consists of H2O Power and Hydromega. This move signals a deliberate strategy to double down on its home market. The Canadian assets offer the stable, predictable returns that are highly attractive to pension funds with long-term liabilities. PSP will continue to develop its pipeline of wind, solar, hydro, and battery projects in Quebec and Ontario, including the 57.2 MW Fort Frances solar project being developed with the Lac Des Mille Lacs First Nation.

This geographic refocus allows PSP to leverage its domestic expertise and concentrate on assets that align with its specific risk-return appetite. The sale is not an exit from the clean energy sector but rather a strategic pivot to concentrate its efforts and capital where it sees the most durable, long-term value.

FirstLight's Future: A Cross-Border Divide

The transaction effectively splits FirstLight into two distinct entities operating under different ownership and strategic mandates. The U.S. operations will now be part of Hull Street Energy's dynamic, growth-oriented portfolio, focused on capitalizing on the rapid energy transition in the United States. With the backing of a specialized private equity owner, the U.S. business is positioned to benefit from targeted investment in asset optimization and potential expansion in a market hungry for clean, reliable power.

Meanwhile, FirstLight's Canadian platform will continue its journey under the stable, long-term ownership of PSP Investments. H2O Power and Hydromega will operate as a best-in-class clean power operator in Canada, focused on executing its development pipeline and managing its existing hydroelectric assets to generate steady, inflation-linked returns. This bifurcation allows each platform to pursue a strategy tailored to its specific market dynamics and ownership structure.

The continuity of leadership, with Justin Trudell and his team remaining with the U.S. assets, is a key element intended to ensure a seamless transition for employees and stakeholders. The Canadian platform will likewise continue under its current leadership, preserving the operational expertise within both organizations as they embark on their separate paths.

Critical Assets in a Shifting Energy Landscape

The assets at the center of this deal are more than just financial instruments; they are vital components of the regional energy infrastructure. The hydroelectric and pumped storage facilities provide essential grid-balancing services that are becoming more valuable by the day. In markets like New England (ISO-NE) and the Mid-Atlantic (PJM), state-level policies are aggressively pushing for decarbonization, driving demand for clean energy and the storage needed to support it.

Pumped storage hydro, in particular, stands out as a proven, long-duration technology capable of storing massive amounts of energy and releasing it during periods of high demand or low renewable generation. The Northfield Mountain facility's role in maintaining grid stability cannot be overstated, making it a crown jewel in the portfolio and a strategic prize for Hull Street Energy. The transaction, which remains subject to customary regulatory approvals, underscores the immense value being placed on infrastructure that can ensure a reliable and orderly transition to a cleaner energy future.