Northfield Mountain Pumped Hydro Storage Station in Massachusetts (Credit: Hull Street Energy)
Hull Street Energy, (HSE), a power-focused U.S. investment firm, has signed an agreement to acquire FirstLight from the Public Sector Pension Investment Board – acquiring a batch of renewable assets in the process.
The transaction includes a portfolio of nearly 1,400 MW of renewable generation in the Northeast, including Northfield Mountain, a 1,168 MW pumped storage hydro facility in Massachusetts that is the largest energy storage facility in New England. The proposed acquisition also includes 14 hydroelectric stations located in Connecticut, Massachusetts and Pennsylvania and three operational solar and battery facilities in the Northeast.
“The retirement of dispatchable generation in New England has left the region struggling to integrate sufficient new clean resources to meet growing demand, raising concerns about the impact of narrowing reliability margins on grid stability and affordability,” said Sarah Wright, Founder and Managing Partner of Hull Street Energy. “Addressing this challenge requires thoughtful retention and optimization of existing clean, firm, long-duration resources like Northfield Mountain, which plays a critical role in maintaining grid reliability across the region. We look forward to partnering with the accomplished FirstLight team to revitalize the important legacy hydro industry and deliver safe, sustainable, reliable and affordable power to customers.”
HSE and its leadership team have spent decades acquiring and operating hydroelectric assets across the United States. Last year, HSE entered into an agreement with Consumers Energy to acquire 13 hydroelectric dams across Michigan. Following closings of the FirstLight and Michigan acquisitions, HSE will have 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.
Originally published in Factor This Power Engineering.
Ref: https://www.renewableenergyworld.com/hydro-power/hull-street-energy-to-acquire-firstlights-hydro-pumped-storage-assets/
