PSP Investments agreed to sell FirstLight's U.S. operations to Hull Street Energy, exiting a clean power portfolio it has owned since 2016.

The U.S. business comprises about 1.4 GW of installed capacity across hydroelectric generation, energy storage and renewable assets in Massachusetts, Connecticut and Pennsylvania.

The transaction includes FirstLight's U.S. operations and the Allegheny Hydro portfolio.

H2O Power and Hydromega, which make up FirstLight's Canadian platform, will remain under PSP Investments' ownership.

FirstLight's U.S.-based employees will move with the assets under Hull Street Energy ownership.

President and CEO Justin Trudell will continue to lead the U.S. business.

Hull Street Energy is a private equity firm focused on power infrastructure and energy transition investments.

PSP Investments is a Canadian pension investor with C$299.7 billion of net assets under management as of March 31, 2025.

The transaction is subject to regulatory approvals.

Evercore served as sole financial advisor to PSP Investments, while Latham & Watkins and Foley Hoag acted as legal counsel.