Hull Street Energy, a power-focused private equity investment firm based in Maryland, is buying FirstLight Hydro Generating Co.’s United States properties, including the Northfield Mountain Pumped Hydro Storage Station, the Turners Falls Dam Generating Station and the Cabot Generating Station.
According to Hull Street Energy’s Tuesday announcement, the acquisition includes FirstLight’s portfolio of 1,400 megawatts of “clean, reliable generation in the Northeast.” This acquisition includes other hydroelectric facilities in Massachusetts, Connecticut and Pennsylvania, and additional solar and battery energy storage facilities throughout the Northeast. Between the FirstLight acquisition and an additional 13 dams in Michigan, Hull Street Energy will become one of the largest hydroelectric energy investors in the U.S.
“The retirement of dispatchable generation in New England has left the region struggling to integrate sufficient new clean resources to meet growing demand, raising concerns about the impact of narrowing reliability margins on grid stability and affordability,” Sarah Wright, founder and managing partner of Hull Street Energy, said in a statement regarding the decline of demand-driven energy sources like hydroelectric plants in New England. “Addressing this challenge requires thoughtful retention and optimization of existing clean, firm, long-duration resources like Northfield Mountain, which plays a critical role in maintaining grid reliability across the region.”
The price of the sale has not been disclosed by Hull Street Energy, FirstLight or PSP Investments, the Montreal-based pension fund manager that is selling FirstLight USA LLC. The sale is also awaiting federal regulatory approval and is expected to be finalized by the end of 2026, according to Hull Street Energy.
Additionally, Hull Street Energy confirmed on Wednesday that this sale will not impact the ongoing relicensing process for the Turners Falls Dam and Northfield Mountain Pumped Hydro Storage Station.
According to PSP Investments, the transaction will only cover FirstLight’s operations in the United States and does not involve properties in Canadian. FirstLight’s employees will “transition with the assets under Hull Street Energy’s ownership.”
“Our exceptional team has grown FirstLight into a prominent clean power company in the Northeast, distinguished by our excellent operating record and the assets’ valuable contributions to the grid,” Justin Trudell, president and CEO of FirstLight, said in a statement. “We are excited to continue leading the business in the Northeast and to be partnering with Hull Street Energy in this next chapter in the FirstLight story.”
FirstLight’s ownership of the Northfield Mountain Pumped Hydro Storage Station and Turners Falls Dam has been marred in controversy related to the facilities’ impact on the environment and the Connecticut River. These issues have been highlighted during the 13-year relicensing process of both facilities, as FirstLight seeks a 30- to 50-year operating license from the Federal Energy Regulatory Commission (FERC).
The federal agency issued its Final Environmental Impact Statement in February, giving the green light for the projects to continue the relicensing process, despite pressure from a variety of local stakeholders who push for greater environmental protections within the license conditions.
The Nolumbeka Tribal Coalition, made up of the Nolumbeka Project nonprofit, the Abenaki Elnu Tribe and the Chaubunagungamaug Band of Nipmuck Indians, has also consistently sought recognition and protection of Native American artifacts within the Connecticut River, as well as the cultural sites in and around the river that are not presently recognized by FERC, or FirstLight, as being potentially impacted by the hydroelectric operations.
