FirstLight Power, a player in the renewable energy sector, has announced its plans to acquire Hydromega, a leading Canadian renewables developer. This acquisition includes ownership stakes in five hydropower generating stations in Québec, along with an additional five in Northeastern Ontario. Beyond these operational assets, FirstLight will also gain access to Hydromega's clean energy development pipeline, which boasts an impressive capacity of over 2GW across wind, solar, storage, and hydroelectric projects. This acquisition effectively doubles FirstLight's development pipeline to approximately 4GW, spanning both the United States and Canada.
FirstLight President and Chief Executive, Alicia Barton, expressed her enthusiasm for this strategic move, stating, “The strategic acquisition of the Hydroméga platform continues an exciting and transformational period for FirstLight. By adding Hydroméga's development capabilities and operational assets to FirstLight's existing diversified renewables and energy storage portfolio, we will position ourselves for even greater growth in the years ahead as we pursue our mission to accelerate the decarbonization of the electric grid by building, operating, and integrating renewable energy and storage to meet the world's growing clean energy needs.” This strategic acquisition underscores FirstLight Power's commitment to expanding its presence in the renewable energy landscape, setting the stage for a greener and more sustainable future in North America.
