PSP Investments Sells FirstLight U.S. Assets to Hull Street Energy and Launches Caelo Energy
PSP Investments has finalized the sale of FirstLight's United States operations, including its brand, to private equity firm Hull Street Energy. The transaction involves a portfolio of approximately 1.4 GW of clean energy assets, spanning hydroelectric generation and energy storage across Massachusetts, Connecticut, and Pennsylvania. Following the divestment, PSP Investments will retain its Canadian assets—comprising the legacy Hydromega and H2O Power portfolios—under a newly formed entity named Caelo Energy. Caelo Energy operates 18 hydroelectric facilities in Quebec and Ontario with a total capacity of 202 MW and maintains a development pipeline of nearly 1 GW in renewable energy and storage projects. Patrick Gut, formerly an investment professional at PSP Investments, has been appointed CEO of Caelo Energy. The transition allows PSP to focus on its Canadian clean energy platform while capitalizing on long-term, inflation-linked cash flows within the North American power sector.