FirstLight acquires Hydroméga
Published by Jessica Casey,
Editor
Energy Global,
FirstLight, a leading clean power producer, developer, and energy storage company wholly owned by the Public Sector Pension Investment Board (PSP Investments), has completed the acquisition of Hydromega Services Inc., including ownership interest in 10 hydropower generating stations – five in Québec and five in Northeastern Ontario. In addition, the inclusion of Hydroméga’s clean energy development pipeline, which includes over 2 GW of wind, solar, storage, and hydroelectric projects, doubles FirstLight’s total development pipeline to over 4 GW in the US and Canada.
“With Hydroméga officially joining FirstLight, we kick off this New Year and a new season for FirstLight with relentless momentum as decarbonisation targets in the US and Canada approach,” said Justin Trudell, President and CEO of FirstLight. “The combining of our seasoned teams, paired with the addition of significant development capabilities and operational assets to FirstLight’s existing diversified renewables and energy storage portfolio, has us ideally positioned to support the growing need for new and expanded clean capacity across the Northeast US, Québec, Ontario, and beyond. We look forward to hitting the ground running as a unified team to advance our mission to decarbonise electrical grids across North America.”
The addition of Hydroméga’s operating assets grow FirstLight’s combined operating capacity to over 200 MW in Québec and Ontario. Hydroméga’s assets provide clean, reliable power to the provinces, and the projects include ownership participation by four First Nations, providing long-term benefits to those indigenous communities. With its newly expanded presence in the Canadian market, FirstLight is well positioned to further accelerate the company’s growth across North America by advancing Hydroméga’s diversified renewable energy development pipeline of over 2 GW of wind, solar, hydro and battery development projects in Québec and Ontario. In addition to significant operational and development assets, FirstLight also gains over 40 seasoned team members with a wealth of experience getting clean energy development projects built, an invaluable addition to FirstLight’s best-in-class team.
“We are proud to formally join forces with FirstLight and PSP Investments to accelerate the development of our diversified clean energy portfolio and grow our expertise and capacity to drive decarbonization in Canada and the US,” added Stéphane Boyer, Chief Development Officer at FirstLight. “As a newly expanded team, we look forward to continuing to build and foster strong partnerships with local communities, First Nations, organisations committed to our clean energy future, local governments, and so many more key partners. With such an experienced group and a shared mission, we know this next chapter will allow us to maximise our potential as originators, developers and long-term operators.”
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Read the article online at: https://www.energyglobal.com/other-renewables/23022024/firstlight-acquires-hydromga/
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