PE Deals

PSP Investments-owned FirstLight Power integrates with H20 Power

H2O Power is a generator of hydroelectric power based in Oshawa, Ontario.

-
  • H2O Power has been majority-owned by PSP Investments since 2011
  • Based in Burlington, Massachusetts, FirstLight is a clean power producer, developer and energy storage company
  • The company has been wholly-owned by PSP Investments since 2016

FirstLight Power, owned by Public Sector Pension Investment Board (PSP Investments), has completed its planned integration of H2O Power. No financial details of the transaction were disclosed.

H2O Power is a generator of hydroelectric power based in Oshawa, Ontario. It has been majority-owned by PSP Investments since 2011.

The H2O Power portfolio is comprised of eight hydroelectric facilities, three control dams, and 140 kilometers of transmission lines that operate to deliver clean, reliable, and flexible power to Ontario, making it the province’s third largest hydropower provider.

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

The deal represents FirstLight’s first venture into the Canadian market. The addition of H2O Power brings the company’s combined portfolio to more than 1,650 megawatts of operating capacity, with a development pipeline of over 2,000 megawatts.

“Combining FirstLight Power with H2O Power brings together two industry leading teams that have a track record of operational excellence and advancing clean technologies and solutions,” said Stephan Rupert, managing director and head of Americas, infrastructure investments, at PSP Investments, in a statement. “This integration represents an important development for the North American clean energy sector, and it comes at an important time in the global response to climate change. It is also particularly exciting for our team at PSP as it advances our climate strategy and our intention to be a leading investor in assets that enable economy-wide decarbonization.”

With headquarters in Ottawa, PSP Investments is one of Canada’s largest pension systems.