FirstLight and Hydroméga’s seasoned teams unite to maximize value of operational assets and deploy a substantial 4 GW development pipeline of wind, solar, storage, and hydro projects to support the growing need for additional clean electricity supply as state and provincial clean energy targets approach
BURLINGTON, Mass. and MONTRÉAL, Québec – February 22, 2024 – FirstLight, a leading clean power producer, developer, and energy storage company wholly owned by the Public Sector Pension Investment Board (PSP Investments), today announced that it has completed the acquisition of Hydromega Services Inc. (Hydroméga), including ownership interest in ten 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 gigawatts (GW) of wind, solar, storage, and hydroelectric projects, doubles FirstLight’s total development pipeline to over 4 GW in the United States and Canada.
“With Hydroméga officially joining FirstLight, we kick off this New Year and a new season for FirstLight with relentless momentum as decarbonization targets in the U.S. 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 U.S., Québec, Ontario, and beyond. We look forward to hitting the ground running as a unified team to advance our mission to decarbonize 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 U.S.,” said 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, organizations 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 maximize our potential as originators, developers and long-term operators.”
A first-mover in Canadian renewable energy production and development, Hydroméga has been originating, developing, implementing, and operating clean electricity production facilities in Québec for over 36 years and for 20 years in Ontario. In 1987, the company was the first independent power producer to operate hydroelectric facilities in Québec and was also one of the first wind developers in the province, having successfully originated 1+ GW, representing over 25 percent of the installed wind power capacity in Québec.
About FirstLight
FirstLight is a leading clean power producer, developer, and energy storage company serving North America. With a diversified portfolio that includes over 1.65 GW of operating renewable energy and energy storage technologies and a development pipeline with 4+ GW of solar, battery, hydro, onshore wind and offshore wind projects, FirstLight specializes in hybrid solutions that pair hydroelectric, pumped-hydro storage, utility-scale solar, large-scale battery, and wind assets. The company’s mission is to accelerate the decarbonization of the electric grid by supporting the development, operation, and integration of renewable energy and storage to meet the world’s growing clean energy needs and deliver an electric system that is clean, reliable, affordable, and equitable. Based in Burlington, MA, with operating offices in Northfield, MA, New Milford, CT, Oshawa, ON, and Montréal, QC, FirstLight is a steward of more than 14,000 acres and hundreds of miles of shoreline along some of the most beautiful rivers and lakes in North America. FirstLight has been wholly owned by PSP Investments since 2016. To learn more, visit www.firstlight.energy or follow us on LinkedIn or Twitter.
About Hydroméga
Based in Montréal, Hydroméga is a leading Eastern Canada independent clean power producer and developer established in Québec since 1987. Since its inception, Hydroméga has developed, built, owned, and operated more than 135 MW of hydroelectric projects in both Québec and Ontario, in addition to having originated more than 25 percent of the installed wind power capacity in Québec (+1 GW). The company is currently developing over 2 GW of projects in wind and hydro and other clean energy sectors such as solar energy, energy storage, and biogas cogeneration.
To learn more, visit www.hydromega.com
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Media Contacts:
Claire Belanger, Communications Manager
Cell: 585-730-1218, Email: Claire.belanger@firstlight.energy
Travis Small, Slowey McManus Communications
Cell: 617-538-9041, Email: tsmall@sloweymcmanus.com