Key Takeaways
- • Hull Street Energy, a private equity firm investing in the power sector, has completed its acquisition of the U.S. platform of FirstLight from PSP Investments (the Public Sector Pension Investment Board); terms were not disclosed.
- • The acquired fleet totals nearly 1,400 MW of generation in the Northeast, spanning hydroelectric, pumped storage, solar and battery assets.
- • The centerpiece is Northfield Mountain, a 1,168 MW pumped storage hydro project in Massachusetts described as the largest energy storage facility in New England.
- • Hull Street founder and managing partner Sarah Wright cited FirstLight's high-quality assets and innovative team and said the firm sees strong opportunity in hydro.
Summary
Hull Street Energy, a private equity firm focused on the power sector, has completed its acquisition of the U.S. platform of FirstLight from the Public Sector Pension Investment Board (PSP Investments). Terms of the transaction were not disclosed. The portfolio totals nearly 1,400 MW of generation in the Northeast.
FirstLight generates electricity from hydroelectric, pumped storage, solar and battery facilities. Its largest asset, Northfield Mountain in Massachusetts, is a 1,168 MW pumped storage hydro project that is the biggest energy storage facility in New England. The platform also includes 14 hydroelectric stations across Connecticut, Massachusetts and Pennsylvania, along with three operating solar and battery facilities.
Sarah Wright, founder and managing partner of Hull Street Energy, cited FirstLight's high-quality assets and innovative team in announcing the deal, and said the firm sees strong opportunity in hydro. FirstLight President and CEO Justin Trudell said the team looks forward to running the business in partnership with Hull Street Energy.
Hull Street Energy was founded in 2014 and is based in the Washington, D.C. area. Troutman Pepper Locke and DLA Piper served as its legal counsel on the transaction.
FirstLight generates electricity from hydroelectric, pumped storage, solar and battery facilities. Its largest asset, Northfield Mountain in Massachusetts, is a 1,168 MW pumped storage hydro project that is the biggest energy storage facility in New England. The platform also includes 14 hydroelectric stations across Connecticut, Massachusetts and Pennsylvania, along with three operating solar and battery facilities.
Sarah Wright, founder and managing partner of Hull Street Energy, cited FirstLight's high-quality assets and innovative team in announcing the deal, and said the firm sees strong opportunity in hydro. FirstLight President and CEO Justin Trudell said the team looks forward to running the business in partnership with Hull Street Energy.
Hull Street Energy was founded in 2014 and is based in the Washington, D.C. area. Troutman Pepper Locke and DLA Piper served as its legal counsel on the transaction.
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