FirstLight to double renewables pipeline to 4 GW via acquisition
Image by: CNW Group/Ontario Power Generation Inc.
US clean power producer FirstLight Power has sealed a deal to acquire Hydromega Services Inc, a Canada-based independent clean power producer with a development pipeline that includes more than 2 GW of wind, solar, storage and hydroelectric projects.
The acquisition, whose financial details remained undisclosed, will also add to FirstLight’s portfolio ownership interest in five hydropower generating stations in Quebec and five additional hydropower generating stations in Northeastern Ontario.
Founded in 1987, Hydromega has so far built, owned and operated more than 135 MW of hydroelectric projects in the two Canadian provinces and has originated more than 1 GW of wind development projects in Quebec and over 1 GW of battery storage development projects in Ontario.
The acquisition of Hydromega is set to double FirstLight’s development pipeline to around 4 GW in the US and Canada. It builds on the company’s inorganic growth strategy following the purchase of the hydropower facilities of H2O Power, the third-largest provider of hydroelectric power in Ontario.
The transaction with Hydromega is expected to close in the fourth quarter of 2023, subject to customary closing conditions.
Owned by PSP Investments since 2016, FirstLight has a portfolio that includes over 1.65 GW of operating renewable energy and energy storage technologies and a development pipeline with 2 GW of solar, battery and offshore wind projects. In April, it completed the integration of H2O Power, adding over 150 MW of generating capacity with an annual energy production of nearly 900 GWh.