PSP Investments Announces Sale of FirstLight's U.S. Portfolio to Hull Street Energy

The Public Sector Pension Investment Board (PSP Investments) has announced an agreement to sell the U.S. operations of FirstLight to Hull Street Energy for an undisclosed amount. This transaction, revealed on May 19, 2026, encompasses approximately 1.4 gigawatts (GW) of installed capacity across hydroelectric generation, energy storage, and renewable assets located in Massachusetts, Connecticut, and Pennsylvania. FirstLight's Canadian operations, including its H2O Power and Hydromega platforms, will remain under the ownership of PSP Investments.

PSP Investments initially acquired FirstLight in 2016, and during its ownership, the firm has played a significant role in transforming FirstLight into a prominent clean power platform. The sale of FirstLight's U.S. operations marks a strategic move for PSP Investments, allowing it to focus on its Canadian assets while still retaining exposure to renewable energy projects. The U.S. operations being sold include the Allegheny Hydro portfolio, which is integral to FirstLight's overall capacity and capabilities in the renewable energy sector.

Hull Street Energy, the acquirer, specializes in power infrastructure and energy transition investments. The firm’s acquisition of FirstLight's U.S. operations aligns with its strategy to invest in sustainable energy solutions, further solidifying its position in the evolving energy landscape. The transition of FirstLight's U.S.-based employees, led by President and CEO Justin Trudell, to Hull Street Energy is expected to facilitate continuity in operations and strategic direction as the company embarks on this new chapter.

The broader energy sector is witnessing a significant shift towards renewable sources, driven by increasing regulatory support and demand for sustainable energy solutions. The sale of FirstLight's U.S. operations reflects ongoing trends in the market, where established firms are consolidating their positions in clean energy while private equity investors seek opportunities in the transition to a low-carbon economy. This transaction may signal further consolidation within the sector as companies look to scale their operations and enhance their portfolios.

Looking ahead, the transaction is subject to customary regulatory approvals, and its completion will likely have implications for both the U.S. and Canadian energy markets. PSP Investments' continued focus on its Canadian operations, alongside Hull Street Energy's acquisition of FirstLight, underscores the dynamic nature of the energy sector and the strategic maneuvers companies are making to adapt to changing market conditions. As the demand for clean energy continues to rise, both firms are positioned to play pivotal roles in shaping the future of energy production and consumption in North America.