PSP Investments Completes Sale of FirstLight's U.S. Portfolio and Appoints Patrick Gut CEO of Caelo Energy

FirstLight's Canadian business remains under PSP Investments ownership and becomes Caelo Energy

MONTREAL, Nov. 2, 2026 /PRNewswire/ -- The Public Sector Pension Investment Board (PSP Investments) today announced that it has completed the sale of FirstLight's U.S. operations, including the FirstLight brand, to Hull Street Energy, a private equity firm specializing in power infrastructure and energy transition investments. The U.S. portfolio comprises approximately 1.4 GW of installed capacity across hydroelectric generation, energy storage, and other clean energy assets in Massachusetts, Connecticut and Pennsylvania.

PSP Investments retains ownership of FirstLight's Canadian operations – a combination of legacy Hydromega and H2O Power portfolios – which going forward will operate as Caelo Energy ("Caelo"). Caelo operates 18 hydroelectric facilities across Quebec and Ontario totalling 202 MW of installed capacity and a development pipeline of nearly 1 GW of renewable energy and energy storage projects. FirstLight's Canada-based employees will remain with Caelo Energy.

Caelo Energy will continue to be a best-in-class operator of clean power assets while advancing its development pipeline and pursuing new opportunities in the Canadian power sector. 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 awarded a 20-year power purchase agreement through Ontario's Long-Term 2 (LT2) procurement process.

Patrick Gut has been appointed Chief Executive Officer (CEO) of Caelo Energy, bringing nearly a decade of experience at PSP Investments, where his primary focus was on investment and asset management in the power sector in the Americas and Europe. He has extensive knowledge of the business, having served as Interim President of H2O Power and as a board member of both H2O Power and FirstLight. Patrick also brings broader renewable investment experience through his involvement as a board member for Cubico Sustainable Investments, a developer and operator of renewable energy projects across Western Europe, Latin America and the United States.

"Completing this transaction concludes a successful decade of building FirstLight into a leading North American clean energy business, and we thank the U.S. team for everything they accomplished. In Canada, we are retaining a platform with long-term, inflation-linked operating cash flows, an attractive development pipeline and an experienced team positioned to pursue growth opportunities in Canada," said Andrew Alley, Managing Director and Global Head of Infrastructure Investments at PSP Investments. "Patrick has helped shape this portfolio for years as an investor and a board member, and we have every confidence in him to successfully lead Caelo Energy through this next chapter."

"I am honoured to lead Caelo Energy, and to do so alongside such a skilled and dedicated team who I have come to know well over many years," said Patrick Gut, CEO of Caelo Energy. "We start from a strong foundation – hydroelectric facilities that have served their communities for generations – and we are excited to build on that foundation as we shape Caelo's future. I want to thank PSP Investments for its confidence in Caelo and I am thrilled to continue to play a part in it."

About Caelo Energy
Caelo Energy is a Canadian clean energy company wholly owned by PSP Investments, formed from the combination of the legacy Hydromega and H2O Power businesses. Caelo Energy owns and operates 18 hydroelectric facilities in Quebec and Ontario and is advancing a nearly 1 GW development pipeline of wind, solar, hydro, and battery storage projects. Caelo Energy has offices in Montreal and Oshawa. For more information, visit caeloenergy.com and follow us on LinkedIn.

About PSP Investments 
The Public Sector Pension Investment Board (PSP Investments) is one of Canada's largest pension investors with $320.6 billion of net assets under management as of March 31, 2026. 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