Matching the anticipated sale timeline announced in May, Hull Street Energy has completed its purchase of 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.
The Maryland-based private equity firm announced on Monday that it completed the purchase of 1,400 megawatts worth of energy generation projects in the Northeast, including the 1,168-megawatt Northfield Mountain Pump Storage Facility. The acquisition also includes 14 hydroelectric stations in Connecticut, Massachusetts and Pennsylvania, along with three solar and battery energy storage projects.
In May, Hull Street Energy announced its plan to acquire FirstLight by the end of 2026 from PSP Investments, the Montreal-based pension fund manager that is selling FirstLight USA LLC. In October, the Federal Energy Regulatory Commission (FERC) authorized the sale, stating that after review, the transaction is considered “consistent with the public interest,” with no impact on market competition or consumer rates, and no creation of a regulatory gap, among other considerations.
FirstLight spokesperson Claire Belanger confirmed that, with the sale finalized, FirstLight will “operate in a business-as-usual manner,” just with new ownership. There will be no changes to FirstLight branding or signs at the facilities in Turners Falls or Northfield, and FirstLight’s U.S. workers will be retained. Currently, FirstLight has 141 employees, including 55 working in Turners Falls and Northfield.
“We are incredibly proud of the strong business our team has built at FirstLight through a commitment to operational excellence and a focus on delivering clean energy solutions that support grid reliability,” Justin Trudell, president and CEO of FirstLight, said in a statement. “We look forward to continuing to lead the business in the Northeast and build on our success in partnership with Hull Street Energy.”
Belanger said FirstLight is not disclosing the purchase price.
Between the FirstLight acquisition and an additional 13 dams in Michigan, Hull Street Energy now becomes one of the largest hydroelectric energy investors in the U.S.
“FirstLight represents an important addition to our portfolio and underscores our conviction that firm, clean resources like FirstLight’s hydropower and energy storage facilities will play an increasingly vital role in the Northeast’s evolving energy landscape,” Sarah Wright, founder and managing partner of Hull Street Energy, said about the purchase. “We see tremendous opportunity in the hydro sector and look forward to combining HSE’s experience and expertise with FirstLight’s high-quality assets and innovative team to deliver value to the communities and markets we serve.”
The Turners Falls Dam and Northfield Mountain projects were owned by Northeast Utilities from 1999 through 2006, when it was sold to Energy Capital Partners. Energy Capital Partners created FirstLight to manage the portfolio. Then, in 2008, the properties were sold again to GDF Suez before being sold to PSP Investments in 2016.
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 throughout the 13-year relicensing process of both facilities, as FirstLight seeks a 30- to 50-year operating license from 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. As part of the relicensing, FirstLight signed onto settlement agreements with several federal, state and local organization, and Belanger said the company’s sale does not impact these agreements.
Following news of the sale, local stakeholders involved in environmental advocacy and Native American tribal relations raised concern about the potential impact of a private equity firm owning these hydroelectric facilities.
Joe Graveline, former president of the Nolumbeka Project, a nonprofit dedicated to preserving the history of Native Americans in New England, said on Thursday that the Nolumbeka Project Tribal Coalition hasn’t received any communication about the sale of these properties. The coalition includes the Nolumbeka Project, the Elnu Abenaki Tribe and the Chaubunagungamaug Band of Nipmuck Indians.
“We still don’t know where we stand with PSP Investments,” Graveline said regarding the relationship between the Nolumbeka Project Tribal Coalition and the now former owners of FirstLight LLC.
Graveline also reiterated the coalition’s continued push to secure 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 part of the 2015 Traditional Cultural Properties survey.
