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FirstLight buys renewables developer Hydroméga

RICHARD HEAP

February 23, 2024

North American renewables developer FirstLight has agreed to buy Canadian hydro and wind operator Hydroméga Services.

Hydroméga  owns stakes in ten hydropower projects in Ontario and Québec, as well as more than 1GW of operational wind farms in Québec. Hydroméga is also developing 2GW of hydro, wind, solar, storage and biogas projects.

This doubles the size of FirstLight’s development pipeline to 4GW of projects in the US and Canada. FirstLight is owned by the the Canadian pension fund giant Public Sector Pension Investment Board.

Justin Trudell, president and chief executive of FirstLight, said: “The combining of our seasoned teams, paired with the addition of significant development capabilities and operational assets to FirstLight’s existing diversified renewables and energy storage portfolio, has us ideally positioned to support the growing need for new and expanded clean capacity across the northeast US, Québec, Ontario, and beyond.”

Stéphane Boyer, chief executive at Hydroméga Services, said: “As a newly expanded team, we look forward to continuing to build and foster strong partnerships with local communities, First Nations, organizations committed to our clean energy future, local governments, and so many more key partners. ”

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