en.Wedoany.com Reported - U.S. investment firm Hull Street Energy (HSE) has signed an agreement to acquire FirstLight from the Public Sector Pension Investment Board, gaining a portfolio of renewable energy assets.
The transaction involves a portfolio of nearly 1,400 MW of renewable energy generation in the Northeast, including the 1,168 MW Northfield Mountain in Massachusetts—a pumped storage hydropower station and the largest energy storage facility in New England. The proposed acquisition also covers 14 hydropower stations located in Connecticut, Massachusetts, and Pennsylvania, as well as three operating solar and battery facilities in the Northeast. Sarah Wright, Founder and Managing Partner of Hull Street Energy, stated that the retirement of dispatchable generation in New England has left the region struggling to integrate enough new clean resources to meet growing demand, raising concerns about the impact of shrinking reliability margins on grid stability and affordability. She noted that addressing this challenge requires a thoughtful approach to preserving and optimizing existing clean, reliable, and long-duration resources, such as Northfield Mountain, which plays a critical role in maintaining grid reliability across the region. HSE and its leadership team look forward to partnering with the FirstLight team to revitalize the legacy hydropower industry and deliver safe, sustainable, reliable, and affordable power to customers.
HSE and its leadership team have decades of experience acquiring and operating hydropower assets across the United States. Last year, HSE reached an agreement with Consumers Energy to acquire 13 dams across Michigan. Upon completion of the FirstLight and Michigan asset acquisitions, HSE will own 1,200 MW of flexible pumped storage hydropower capacity and nearly 400 MW of hydropower capacity. The transaction is subject to federal regulatory approval and is expected to close later this year.
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