PSP-backed FirstLight to buy clean power producer Hydroméga

• The deal includes Hydroméga’s ownership interest in five hydropower generating stations in Quebec and five additional hydropower generating stations in Northeastern Ontario
• Based in Burlington, Massachusetts, FirstLight is a clean power producer, developer and energy storage company serving North America
• FirstLight has been wholly-owned by PSP Investments since 2016

FirstLight Power, owned by Public Sector Pension Investment Board (PSP Investments), has agreed to acquire Hydroméga, a Montreal-based clean power producer and developer operating in Eastern Canada.

The deal includes Hydroméga’s ownership interest in five hydropower generating stations in Quebec and five additional hydropower generating stations in Northeastern Ontario.

No financial terms were released for the deal, which is expected to close in the fourth quarter.

Based in Burlington, Massachusetts, FirstLight is a clean power producer, developer and energy storage company serving North America. It has been wholly-owned by PSP Investments since 2016.

“The strategic acquisition of the Hydroméga platform continues an exciting and transformational period for FirstLight,” said Alicia Barton, president and CEO of FirstLight in a statement. “By adding Hydroméga’s development capabilities and operational assets to FirstLight’s existing diversified renewables and energy storage portfolio, we will position ourselves for even greater growth in the years ahead as we pursue our mission to accelerate the decarbonization of the electric grid by building, operating and integrating renewable energy and storage to meet the world’s growing clean energy needs.”

TD Securities is acting as financial advisor to Hydroméga in connection with the transaction. Davies Ward Phillips & Vineberg is Hydroméga’s legal counsel and KPMG represents the company as its tax advisor. Blakes, Cassels & Graydo is FirstLight’s legal counsel.