en.Wedoany.com Reported - U.S. electric power investment firm Hull Street Energy (HSE) has signed an agreement to acquire renewable energy developer FirstLight from the Public Sector Pension Investment Board, thereby gaining a nearly 1,400-megawatt renewable energy generation portfolio in the northeastern United States.
The largest asset in this portfolio is the 1,168-megawatt Northfield Mountain pumped storage facility in Massachusetts, which is the largest energy storage project by installed capacity in New England. The acquisition also includes 14 hydropower plants 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 HSE, stated that the retirement of dispatchable generation units in New England has made it difficult for the region to integrate enough new clean resources to meet growing demand, raising concerns about the impact of shrinking reliability margins on grid stability and affordability. Addressing this challenge requires thoughtful preservation and optimization of existing clean, reliable long-duration resources, with the Northfield facility playing a critical role in maintaining grid reliability across the region. HSE looks forward to collaborating with the accomplished FirstLight team to revitalize the important traditional hydropower industry and provide customers with safe, sustainable, reliable, and affordable electricity.
HSE and its leadership team have acquired and operated hydropower assets across the United States over the past few decades. Last year, HSE reached an agreement with Consumers Energy to acquire 13 hydropower dams in Michigan. Upon completion of the FirstLight and Michigan acquisitions, HSE will own 1,200 MW of flexible pumped storage capacity and nearly 400 MW of hydropower capacity.
The transaction is subject to federal regulatory approval and is expected to close later this year.
This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com
