Hull Street Energy has completed its acquisition of FirstLight’s US platform from PSP Investments. The portfolio includes nearly 1,400 MW of clean energy capacity across the Northeast, including Northfield Mountain, 14 hydroelectric stations and three operational solar and battery facilities. PSP Investments retains FirstLight’s Canadian operations, which will operate as Caelo Energy.
Key Takeaways
- Hull Street Energy completed its acquisition of FirstLight’s US platform from PSP Investments.
- The acquired portfolio comprises nearly 1,400 MW of installed capacity across hydropower, energy storage, solar and battery assets.
- The portfolio includes Northfield Mountain, a 1,168 MW pumped-storage hydro project in Massachusetts and New England’s largest energy storage facility.
- PSP Investments retains FirstLight’s Canadian operations, which will operate as Caelo Energy.
Hull Street Energy Completes FirstLight Acquisition
US investment firm Hull Street Energy has completed its acquisition of FirstLight’s US operations from the Public Sector Pension Investment Board (PSP Investments), adding nearly 1,400 MW of clean generation and energy storage capacity across the Northeast.
The transaction, first agreed upon in May and announced as completed on 2 November, includes a portfolio of hydropower generation, energy storage and other clean energy assets. The acquisition also includes the FirstLight brand.
The portfolio comprises the 1,168-MW Northfield Mountain pumped storage hydro project in Massachusetts, 14 hydroelectric stations in Connecticut, Massachusetts and Pennsylvania, and three operational solar and battery facilities in the Northeast.
Financial terms of the acquisition were not disclosed.
Northfield Mountain Anchors the Portfolio
Northfield Mountain is the largest energy storage facility in New England. The pumped-storage hydro project forms a major part of the acquired portfolio and provides both electricity generation and storage services.
Pumped-storage hydropower facilities store energy by moving water to an elevated reservoir when electricity is available, then releasing it through turbines when power is needed. This allows facilities such as Northfield Mountain to support grid reliability and respond to changes in electricity demand.
The acquisition adds assets that can provide both clean electricity and flexible capacity to regional power markets.
Hull Street Energy Sees Opportunity in Hydropower
Sarah Wright, founder and managing partner of Hull Street Energy, said FirstLight represents an important addition to the firm’s portfolio and reflects its conviction that firm, clean resources will play an increasingly vital role in the Northeast’s evolving energy landscape.
“We see tremendous opportunity in the hydro sector and look forward to combining HSE’s experience and expertise with FirstLight’s high-quality assets and innovative team to deliver value to the communities and markets we serve,” Wright said.
The acquisition expands Hull Street Energy’s exposure to hydropower and energy storage infrastructure as electricity markets face growing demand for reliable generation and flexible capacity.
Founded in 2014 and headquartered in the Washington, D.C., metropolitan area, Hull Street Energy invests in electricity infrastructure, including power generation, storage, transmission, distribution and energy services businesses. The FirstLight portfolio strengthens its existing clean energy infrastructure holdings.
Context is everything. Stay ahead of shifting trends with today’s market updates, and uncover emerging opportunities using the Serrari Group Market Index and Marketplace. Then, take control of your own financial future by exploring our Money & Life Reset Transformation Blueprint ™ to build stronger habits, create better systems, and design a path toward lasting wealth.
FirstLight Leadership to Continue in the Northeast
FirstLight president and chief executive Justin Trudell will continue leading the business following the acquisition.
Trudell said the team had built a strong business through operational excellence and a focus on clean energy solutions that support grid reliability.
“We look forward to continuing to lead the business in the Northeast and build on our success in partnership with Hull Street Energy,” he said.
The continued leadership is expected to support the business as it operates the acquired assets under Hull Street Energy’s ownership.
PSP Investments Retains Canadian Operations
The transaction covers FirstLight’s US platform, while PSP Investments retains ownership of the Canadian operations.
The Canadian business, formed through the combination of the legacy Hydromega and H2O Power portfolios, will operate under the new name Caelo Energy. It operates 18 hydropower facilities in Quebec and Ontario with a combined installed capacity of 202 MW.
Caelo Energy also has a development pipeline of nearly 1 GW of renewable energy and energy storage projects.
The separation leaves Hull Street Energy with FirstLight’s US generation and storage assets, while PSP Investments continues to own and develop the Canadian portfolio under its new identity.
Outlook
The acquisition strengthens Hull Street Energy’s position in the Northeast’s clean energy sector by adding a substantial portfolio of hydropower, storage, solar and battery assets. Northfield Mountain’s scale and pumped-storage capabilities are central to the portfolio’s role in supporting electricity supply and grid flexibility.
With Trudell continuing to lead FirstLight’s US business, the company will operate under Hull Street Energy’s ownership while PSP Investments advances its Canadian operations as Caelo Energy.
Troutman Pepper Locke and DLA Piper acted as legal counsel to Hull Street Energy on the transaction.
FAQs
What did Hull Street Energy acquire?
It acquired FirstLight’s US platform from PSP Investments, including nearly 1,400 MW of clean generation and energy storage capacity.
What is the largest asset in the acquired portfolio?
Northfield Mountain, a 1,168 MW pumped-storage hydro project in Massachusetts and the largest energy storage facility in New England.
Did PSP Investments sell all of FirstLight?
No. PSP Investments retains the Canadian operations, which will operate as Caelo Energy.
What assets does Caelo Energy operate?
It operates 18 hydropower facilities in Quebec and Ontario with 202 MW of combined installed capacity and has a development pipeline of nearly 1 GW.
Were the financial terms disclosed?
No. The financial terms of the acquisition were not disclosed.
Your financial future isn’t something you wait for—it’s something you build.
The real question is: when do you begin?
Move beyond simply staying informed.
Navigate the markets with clarity—track trends through the Serrari Group Market Index, uncover opportunities in the Serrari Marketplace, and build practical knowledge with our Curated Wealth Builder Platform.
Stay connected to what truly matters.
Get daily insights on macro trends and financial movements across Kenya, Africa, and global markets—delivered through the Serrari Newsletter.
Growth opens doors.
Advance your career through professional programs including ACCA, HESI A2, ATI TEAS 7 , HESI EXIT , NCLEX – RN and NCLEX – PN, Financial Literacy!🌟—designed to move you forward with confidence.
See where money is flowing—clearly and in real time.
Track Money Market Funds, Treasury Bills, Treasury Bonds, Green Bonds, and Fixed Deposits, alongside global and African indexes, key economic indicators, and the evolving Crypto and stablecoin landscape—all within Serrari’s Market Index.
