PSP Sells FirstLight U.S. Unit to Hull Street; Canada Becomes Caelo
MONTREAL – – November 02, 2026 --
PSP Investments has completed the sale of FirstLight's U.S. operations, a portfolio of about 1.4 GW of installed capacity, to Hull Street Energy. It keeps the Canadian business, which now operates as Caelo Energy.
The buyer, Hull Street Energy, is a private equity firm focused on power infrastructure and energy transition investments. The sale includes the FirstLight brand. The U.S. assets span hydroelectric generation, energy storage and other clean energy in Massachusetts, Connecticut and Pennsylvania.
Caelo Energy operates 18 hydro plants totalling 202 MW in Quebec and Ontario
Caelo combines the legacy Hydromega and H2O Power portfolios. It has a development pipeline of nearly 1 GW of renewable energy and energy storage projects. FirstLight's Canada-based employees stay with the business.