Hull Street Energy Moves to Acquire FirstLight's U.S. Hydro Generation Portfolio

## Hull Street Energy to Scale Hydro Portfolio with FirstLight Acquisition Bethesda, Maryland-based Hull Street Energy, LLC (HSE), a power-focused U.S. investment firm, has entered into a definitive agreement to acquire FirstLight USA, LLC from the Public Sector Pension Investment Board, according to a PR Newswire release dated May 19, 2026. The transaction encompasses a portfolio of nearly all of FirstLight's U.S. generation assets, with hydroelectric power forming the cornerstone of the deal. The acquisition represents a significant scaling of HSE's existing hydro footprint and underscores growing institutional appetite for renewable baseload generation capacity in the United States. ### Relevance to the Maritime and Port Energy Sector While primarily a power sector transaction, deals of this nature carry broader significance for the maritime industry. Hydroelectric generation assets provide stable, low-carbon baseload power that increasingly supports electrification initiatives at ports and marine terminals across the northeastern United States — a region where FirstLight has historically operated. As port authorities and terminal operators accelerate shore power programs and electrified cargo-handling equipment rollouts, the ownership and reliability of regional grid assets becomes a material consideration for maritime energy planning. The transition of large generation portfolios between institutional investors can also influence long-term power purchase agreement structures, potentially affecting the cost and availability of electricity for energy-intensive port operations. ### Deal Background The seller, the Public Sector Pension Investment Board, is one of Canada's largest pension fund managers. Financial terms of the transaction were not disclosed in the announcement. Hull Street Energy has established itself as a specialist acquirer of power generation assets across the United States, with a particular focus on hydro and other dispatchable renewable resources. The deal is subject to customary regulatory approvals and closing conditions. No timeline for completion was specified in the initial announcement. *Source: PR Newswire*