Norman hydro station (photo courtesy FirstLight Power)
FirstLight Power announced it has completed the planned integration of H2O Power, a hydroelectric power provider in Ontario, Canada.
As the majority owner of over 150 MW of generating capacity with annual energy production of nearly 900,000 MWh, H2O Power’s acquisition brings the combined FirstLight portfolio to over 1,650 MW of operating capacity, with a development pipeline of over 2,000 MW. The integration represents FirstLight’s first venture into the Canadian market.
The H2O Power portfolio is comprised of eight hydroelectric facilities; three control dams and 140 km of transmission lines that deliver clean, reliable and flexible power to Ontario. Over the past 10 years, H2O Power has completed significant upgrades to its hydroelectric fleet. The more than $100 million upgrade program consisted of turbine refurbishments, runner replacements, generator rewinds and transformer replacements.
“We are proud to expand our operations into Canada and welcome the 43 talented members of the H2O Power team to our growing company,” said Alicia Barton, president and chief executive officer of FirstLight. “2022 was a transformative year for FirstLight, and we anticipate that 2023 will be no different as we kick the year off with this exciting integration and renewed momentum to support our mission to build and optimize diversified, reliable, and cost-competitive clean energy assets to decarbonize electrical grids across North America.”
The addition of the H2O Power portfolio follows FirstLight Power’s integration of two hydroelectric facilities in western Pennsylvania last year from H2O Power, which represented an additional 31.5 MW of baseload capacity.
“We are pleased to join forces with FirstLight Power to become one of the leading clean energy operators in North America,” said Marc Mantha, who has been appointed vice president and general manager, Canadian operations. “We have made significant investments to upgrade our fleet to enhance operations and increase capacity, bolstering our ability to provide more clean and flexible power to the region and the people of Ontario. Our talented workforce has vast experience operating renewable assets, which will be a tremendous benefit as FirstLight continues its expansion efforts across North America.”
FirstLight believes the H2O Power assets are ideally positioned to help Ontario meet its growing clean energy needs in the decades ahead. By providing high-capacity factor hydroelectric power, along with considerable storage capabilities, the assets will assist Ontario in integrating planned new additions of wind and solar capacity, according to a release.
Substantial new intermittent renewable generation is being planned to meet Ontario’s goal of decarbonizing the electric sector by 2050. Further, Ontario Power Generation’s recently released Northern Hydro Report identified that 3,000 MW to 4,000 MW of new hydro development opportunities are available and can make a significantly increased contribution to meeting the province’s emergent electricity needs and help achieve decarbonization objectives. FirstLight will be exploring potential expansions or upgrades of these facilities as well as considering new hydro development projects to meet the forecasted increased clean electricity needs.
FirstLight Power specializes in hybrid solutions that pair hydroelectric, pumped hydro storage, utility-scale solar, large-scale battery and offshore wind assets. The company’s mission is to accelerate the decarbonization of the electric grid by supporting the development, operation and integration of renewable energy and storage to meet the world’s growing clean energy needs and deliver an electric system that is clean, reliable, affordable and equitable. The company is based in Burlington, Mass., with operating offices in Northfield, Mass., and New Milford, Ct. FirstLight is wholly owned by PSP Investments since 2016.
H2O Power has been majority owned by PSP Investments since 2011.
