FirstLight Power to Acquire Leading Canadian Renewable Operator and Developer Hydromega Services Inc., Including Ownership Interest in Ten Operating Hydroelectric Assets and a Large Clean Energy Development Pipeline
Sep 13, 2023
In addition to the ownership interest in ten hydroelectric facilities in Québec and Ontario, FirstLight adds over 2 GW of wind, solar, storage, and hydro projects at various stages of development.
BURLINGTON, Mass. & MONTRÉAL — FirstLight Power (FirstLight), a leading clean power producer, developer, and energy storage company, today announced that it has finalized an agreement to acquire Hydromega Services Inc. (Hydroméga), including ownership interest in five hydropower generating stations in Québec and five additional hydropower generating stations in Northeastern Ontario. In addition, FirstLight will add Hydroméga’s clean energy development pipeline that includes over 2 gigawatts (GW) of wind, solar, storage, and hydroelectric projects, doubling FirstLight’s development pipeline to approximately 4 GW in the United States and Canada. The transaction is expected to close in Q4 2023 and is subject to customary closing conditions.
Following the recent integration of H2O Power, the addition of Hydroméga’s operating assets will give FirstLight a combined operating capacity of over 200 MW in Québec and Ontario. Hydroméga’s operating assets provide clean, reliable power to those Provinces, and the projects include ownership participation by four First Nations, providing long term benefits to those indigenous communities. By expanding its presence in the Canadian market, FirstLight is well-positioned to further accelerate the company’s growth across North America by advancing Hydroméga’s diversified renewable energy development pipeline, including over 1,000 MW of wind development projects in Québec and over 1,000 MW of battery storage development projects in Ontario. FirstLight will also welcome Hydroméga’s employees into its growing team.
