PSP Investments Announces Sale of FirstLight's U.S. Portfolio to Hull Street Energy
MONTRÉAL, May 19, 2026 /CNW/ - The Public Sector Pension Investment Board (PSP Investments) today announced that it has entered into an agreement to sell the U.S. operations of FirstLight to Hull Street Energy, a private equity firm specializing in power infrastructure and energy transition investments (the "Transaction"). The U.S. portfolio comprises approximately 1.4 GW of installed capacity across hydroelectric generation, energy storage and renewable assets in Massachusetts, Connecticut and Pennsylvania.
PSP Investments acquired FirstLight in 2016 and, over the course of its ownership, supported its growth into a leading clean power platform spanning hydroelectric generation, energy storage and renewable assets across the U.S. and Canada.
The Transaction covers FirstLight's U.S. operations, including the Allegheny Hydro portfolio. H2O Power and Hydromega, which together comprise FirstLight's Canadian platform, will remain under PSP Investments' ownership. FirstLight's U.S.-based employees, under the leadership of President and CEO Justin Trudell, will transition with the assets under Hull Street Energy's ownership, while the Canadian platform will continue to operate under its current leadership team in Canada.
"We value what the team has built at FirstLight and are grateful for the support of PSP Investments during their ownership," said Justin Trudell, President and CEO of FirstLight. "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."
FirstLight's Canadian platform will continue to be a best-in-class operator of clean power projects and will continue to develop and execute on its pipeline of wind, solar, hydro, and battery storage projects in Quebec and Ontario. This includes the 57.2 MW Fort Frances solar project in Ontario, which is being developed in partnership with the Lac Des Mille Lacs First Nation and was recently awarded a 20-year PPA through Ontario's most recent long-term energy procurement process
"We would like to thank the FirstLight team for their leadership, stewardship and collaboration throughout the development of the platform," said Andrew Alley, Managing Director and Global Head of Infrastructure Investments at PSP Investments. "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. We will continue to leverage our global expertise here at home to seek out new opportunities in the Canadian power sector."
The Transaction is subject to customary regulatory approvals. Evercore acted as sole financial advisor and Latham & Watkins and Foley Hoag acted as legal counsel to PSP Investments.
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada's largest pension investors with $299.7 billion of net assets under management as of March 31, 2025. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn.
SOURCE PSP Investments
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