Hull Street Energy to Acquire FirstLight's U.S. Generation Fleet, Scaling the Firm's Hydro Footprint

BETHESDA, Md., May 19, 2026 /PRNewswire/ -- Hull Street Energy, LLC ("HSE"), a leading, power-focused U.S. investment firm, has signed an agreement to acquire FirstLight USA, LLC ("FirstLight") from the Public Sector Pension Investment Board. The transaction includes a portfolio of nearly 1,400 MW of clean, reliable generation in the Northeast, including 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 and 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."

"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," said Justin Trudell, President and CEO of FirstLight. "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 responsibly stewarding hydroelectric assets across the United States. Last year, HSE entered into an agreement with Consumers Energy to acquire 13 hydroelectric dams across Michigan. Following closings of the FirstLight and Michigan acquisitions, HSE will become one of the nation's leading hydropower investors with a fleet of approximately 1,200 MW of flexible pumped storage hydro capacity and nearly 400 MW of high-quality hydroelectric capacity.

The 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.

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. Founded in 2014 and headquartered in the Washington, D.C. metropolitan area, Hull Street Energy currently manages approximately $4.6 billion. 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 and follow us on LinkedIn.

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SOURCE Hull Street Energy