FirstLight USA, LLC's U.S. generation fleet, a nearly 1,400 MW clean-power portfolio in the Northeast, is under agreement to be acquired by Hull Street Energy from Public Sector Pension Investment Board.

The assets serve ISO New England energy, capacity and ancillary services markets and are positioned around hydro, storage, solar and battery resources.

The portfolio is anchored by Northfield Mountain, a 1,168 MW pumped-storage hydro facility in Massachusetts and the largest energy storage facility in New England.

It also includes 14 hydroelectric stations in Connecticut, Massachusetts and Pennsylvania, plus three operating solar and battery facilities in the Northeast.

Hull Street Energy is a power-focused private equity firm founded in 2014 and based in the Washington, D.C. metropolitan area, with about $4.6 billion under management.

The firm invests across generation, storage, transmission, distribution and load-serving businesses as the power sector decarbonizes and demand grows.

The acquisition gives Hull Street Energy a large set of clean, dispatchable assets in a region facing narrowing reliability margins as older generation retires.

The firm also has an agreement to acquire 13 hydroelectric dams in Michigan from Consumers Energy; after both transactions close, its fleet would include about 1,200 MW of flexible pumped-storage hydro capacity and nearly 400 MW of hydroelectric capacity.

The transaction is subject to federal regulatory approval and is expected to close later this year.

Troutman Pepper Locke and DLA Piper served as legal counsel to Hull Street Energy.