Hull Street Energy Completes FirstLight Platform Deal
The Washington-area investment firm now controls FirstLight's U.S. power portfolio, including the Northfield Mountain pumped storage facility in Massachusetts.
Updated on Nov. 2, 2026 in Utilities
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Hull Street Energy has completed its acquisition of FirstLight's U.S. platform from the Public Sector Pension Investment Board. The portfolio includes nearly 1,400 MW of generation in the Northeast.
Why it matters
The deal consolidates a large set of hydroelectric, pumped storage, solar and battery assets under a single power-focused owner. It affects the region's generation and storage capacity across the Northeast, which serves the national grid.
The portfolio spans nearly 1,400 MW of Northeast generation, including the 1,168 MW Northfield Mountain pumped storage project and 14 hydroelectric stations across Connecticut, Massachusetts and Pennsylvania. The disclosed figures cover capacity only; the purchase price was not reported.
The players
Hull Street Energy
A power-focused U.S. investment firm headquartered in the Washington, D.C. metropolitan area that acquires and operates energy generation assets.
Public Sector Pension Investment Board
A Canadian pension investment manager that was the seller of FirstLight's U.S. platform.
The details
Hull Street Energy, a power-focused U.S. investment firm founded in 2014 and headquartered in the Washington, D.C. area, acquired FirstLight's U.S. platform from the Public Sector Pension Investment Board. Troutman Pepper Locke and DLA Piper served as legal counsel to Hull Street Energy.
Timeline
2014: Hull Street Energy is founded.
November 2, 2026: Hull Street Energy completes the FirstLight acquisition.
Market Landscape
Private investment firms have been acquiring established generation portfolios in the Northeast, where pumped storage such as Northfield Mountain serves as New England's largest energy storage resource. This transaction adds another large, mixed hydro, storage and solar portfolio to that consolidation trend.
The stub does not describe any change to retail electricity rates, service, or customer programs resulting from the ownership change. Consumers in the Northeast are not directly affected by this transaction based on the disclosed information.
The takeaway
Ownership changes in large hydro and storage portfolios can shift who controls regional generation capacity without immediately changing day-to-day operations. Readers following Northeast power markets should watch for any later operational or pricing disclosures from the new owner.
Further reading
Explore more utilities industry coverage to see how power asset deals fit into the sector.
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