Hull Street Energy said Nov. 2 it had completed a purchase of FirstLight’s U.S. power operations from PSP Investments, adding a fleet with nearly 1,400 megawatts of capacity across generation and storage.
The Federal Energy Regulatory Commission (FERC) approved the transaction Oct. 15, saying it met the public-interest standard and would not harm competition or rates. The order names HSE FirstLight LLC as the buyer of all of PSP FL USA LLC, which indirectly owns the project companies. It also records the applicants’ estimate that Hull Street would account for about 6.3% of installed capacity in the ISO New England market after the deal. The order lists Northfield Mountain at approximately 1,168 MW, the Housatonic River Project at 118 MW and the Turners Falls Hydroelectric Project at 68 MW.
The holdings include 14 hydroelectric stations in Connecticut, Massachusetts and Pennsylvania, plus three operating solar and battery sites in the Northeast. Hull Street describes Northfield Mountain as New England’s largest energy-storage facility.
PSP announced the sale agreement May 19. It said the U.S. portfolio included the Allegheny Hydro portfolio, while H2O Power and Hydromega, FirstLight’s Canadian businesses, would remain with PSP. PSP also said U.S.-based employees would move with the assets.
PSP said it acquired FirstLight in 2016. When announcing the agreement, Hull Street said it expected hydropower and storage to become more important to the Northeast’s energy system. Hull Street founder and managing partner Sarah Wright called FirstLight “an important addition” to the firm’s portfolio. The Nov. 2 announcement did not disclose a purchase price.
