Hull Street Energy Acquires 1,400 MW Northeast Portfolio
Northeast power buyers and energy-intensive businesses should watch how the new owner manages hydro, pumped storage, and solar assets.
Updated on Nov. 2, 2026 in Utilities
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Hull Street Energy, a power-focused U.S. investment firm, completed its acquisition of FirstLight's U.S. platform from the Public Sector Pension Investment Board on November 2, 2026. The portfolio spans nearly 1,400 MW of Northeast generation, which operators in New England, Connecticut, Massachusetts and Pennsylvania should note as a change in who owns regional generation and storage assets.
Why it matters
The deal transfers a mixed portfolio of hydro, pumped storage, and solar-plus-battery assets from one institutional owner to a dedicated power investor, which typically signals a focus on operating and optimizing these assets rather than holding them as a diversified investment. For businesses that buy, sell, or depend on wholesale power and storage capacity in the Northeast, ownership changes at this scale can shift how capacity is offered and priced.
The acquired platform totals nearly 1,400 MW of generation, with Northfield Mountain accounting for 1,168 MW of pumped storage capacity and the largest energy storage facility in New England. The portfolio also includes 14 hydroelectric stations across Connecticut, Massachusetts and Pennsylvania, plus three operational solar and battery facilities in the Northeast.
The players
Hull Street Energy
A power-focused U.S. investment firm founded in 2014 and headquartered in the Washington, D.C. metropolitan area, which builds its business around owning and operating generation assets.
FirstLight
The Northeast generation platform whose U.S. portfolio of hydro, pumped storage, and solar-plus-battery assets was sold in this transaction.
Public Sector Pension Investment Board
The Canadian pension investment manager that held FirstLight's U.S. platform before selling it to Hull Street Energy.
Troutman Pepper Locke
A U.S. law firm that served as legal counsel to Hull Street Energy on the acquisition.
DLA Piper
A global law firm that served as legal counsel to Hull Street Energy on the acquisition.
The details
FirstLight's U.S. platform was held by the Public Sector Pension Investment Board, and Hull Street Energy took over ownership of the full set of assets at closing. Pumped storage works by moving water between reservoirs to generate power during peak demand and store energy when demand is low, which makes Northfield Mountain valuable for grid reliability. The combination of hydro, storage and solar assets gives the owner multiple revenue and operating levers across the same regional grid. Troutman Pepper Locke and DLA Piper served as legal counsel to Hull Street Energy on the transaction.
Timeline
2014: Hull Street Energy is founded.
November 2, 2026: Hull Street Energy completes the acquisition of FirstLight's U.S. platform.
Market Landscape
Pumped storage like Northfield Mountain remains one of the few long-duration storage options at utility scale, which is why owners of such assets draw sustained investor interest in the Northeast. This transaction adds another dedicated power owner to the regional market alongside the solar and battery assets included in the same portfolio.
Businesses that purchase power or storage services in New England and the Mid-Atlantic should review whether their contracts or supplier relationships are affected by the change in asset ownership. Operators in energy-intensive industries should track how the new owner prices and dispatches the acquired capacity over the coming quarters.
The takeaway
Commercial and industrial power buyers in the Northeast should check whether any supply, capacity, or storage arrangements touch FirstLight assets, and consult a qualified energy attorney or contracts specialist before making changes to those agreements. Monitoring how the new owner handles pumped storage dispatch will show whether regional capacity pricing shifts in the months ahead.
Further reading
For context on how generation and storage ownership shapes regional power markets, explore more coverage in the Utilities section.
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