Energy
PSP Investments Closes FirstLight US Sale and Creates Caelo Energy
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PSP Investments announced on November 2, 2026 that it had completed the sale of FirstLight’s U.S. operations, including the FirstLight brand, to Hull Street Energy. The transaction covers approximately 1.4 GW of installed capacity across hydroelectric generation, energy storage and other clean-energy assets.
PSP retained FirstLight’s Canadian operations, which will operate under the new Caelo Energy name, and appointed Patrick Gut as Caelo’s chief executive officer.
US Generation Portfolio
Hull Street Energy’s own completion announcement identified Northfield Mountain, a 1,168 MW pumped-storage hydro project in Massachusetts, among the acquired assets. The buyer characterized Northfield Mountain as New England’s largest energy-storage facility. The portfolio also includes 14 hydroelectric stations in Connecticut, Massachusetts and Pennsylvania, and three operational solar and battery facilities in the Northeast.
Sarah Wright, founder and managing partner of Hull Street Energy, said the acquisition “underscores our conviction that firm, clean resources like FirstLight’s hydropower and energy storage facilities will play an increasingly vital role in the Northeast’s evolving energy landscape.” Justin Trudell, FirstLight’s president and CEO, said he looked forward to continuing to lead the Northeastern business in partnership with Hull Street Energy.
PSP Investments announced the sale agreement on May 19, 2026. That announcement included the Allegheny Hydro portfolio in the transaction and said closing was subject to customary regulatory approvals. FirstLight’s U.S.-based employees were to transition with the assets under Trudell’s leadership. PSP acquired FirstLight in 2016.
Canadian Operations and Leadership
Caelo was formed from the legacy Hydromega and H2O Power portfolios. It operates 18 hydroelectric facilities across Quebec and Ontario totaling 202 MW of installed capacity. FirstLight’s Canada-based employees remain with Caelo.
The retained company is advancing a development pipeline of nearly 1 GW spanning wind, solar, hydro and battery-storage projects. Andrew Alley, PSP’s managing director and global head of infrastructure investments, described the Canadian platform as having long-term, inflation-linked operating cash flows, an attractive development pipeline and an experienced team for pursuing growth opportunities in Canada.
One project in that pipeline is the 57.2 MW Fort Frances Solar Project in Ontario, being developed in partnership with Lac Des Mille Lacs First Nation. It was awarded a 20-year power purchase agreement through Ontario’s Long-Term 2 procurement process. A May 8, 2026 announcement said the agreement was executed with Ontario’s Independent Electricity System Operator. Fort Frances was one of 14 projects awarded contracts by the IESO, together representing more than 1,300 MW of new clean-electricity supply for the province.
Gut brought nearly a decade of experience at PSP Investments, where his primary focus was power-sector investment and asset management in the Americas and Europe. He previously served as interim president of H2O Power and as a board member of both H2O Power and FirstLight. His board experience also includes Cubico Sustainable Investments, a developer and operator of renewable-energy projects across Western Europe, Latin America and the United States.
Gut said Caelo would build on its hydroelectric foundation as it shapes the company’s future, describing the facilities as having served their communities for generations.
