Hull Street Energy, a U.S.-based investment firm focused on power infrastructure, has signed an agreement to acquire FirstLight USA from the Public Sector Pension Investment Board.

The acquisition includes nearly 1,400 MW of clean power generation projects in the Northeast U.S. The portfolio comprises Northfield Mountain, a 1,168 MW pumped storage facility in Massachusetts.

According to the companies, Northfield Mountain is the largest energy storage facility in New England. The transaction also includes 14 hydroelectric stations in Connecticut, Massachusetts, and Pennsylvania, and three operational solar and battery storage facilities in the Northeast.

“The retirement of dispatchable generation in New England has left the region struggling to integrate sufficient new clean resources to meet growing demand, raising concerns about the impact of narrowing reliability margins on grid stability and affordability,” said Sarah Wright, Founder and Managing Partner of Hull Street Energy. “Addressing this challenge requires thoughtful retention and optimization of existing clean, firm, long-duration resources like Northfield Mountain, which plays a critical role in maintaining grid reliability across the region. We look forward to partnering with the accomplished FirstLight team to revitalize the important legacy hydro industry and deliver safe, sustainable, reliable, and affordable power to customers.”

This FirstLight transaction follows another agreement signed last year, under which Hull Street Energy agreed to acquire 13 hydroelectric dams in Michigan from Consumers Energy.

After the FirstLight and Michigan transactions close, Hull Street Energy said it would own a fleet of about 1,200 MW of flexible pumped storage hydro capacity and nearly 400 MW of hydroelectric capacity.

The transaction is subject to federal regulatory approval and is expected to close later this year. The companies did not disclose the financial terms of the agreement.

A total of 7.2 GW of energy storage projects were acquired in Q1 2026, a 227% increase compared to the 2.2 GW in Q1 2025, according to Mercom’s Q1 2026 Energy Storage Funding and M&A report.

In February 2023, TransAlta Corporation, a Canadian electricity utility, agreed to acquire a 50% interest in an early-stage 320 MW pumped-hydro energy storage project, the Tent Mountain Renewable Energy Complex, in southwest Alberta, Canada, from Montem Resources.