Massachusetts, US-based clean power producer, developer and energy storage company FirstLight Power has agreed to acquire Canadian renewable operator and developer Hydromega Services Inc., the company said.
The transaction is expected to close in Q4 2023 and is subject to customary closing conditions. Terms of the transaction were not disclosed.
FirstLight will add Hydroméga's clean energy development pipeline that includes over 2 gigawatts of wind, solar, storage, and hydroelectric projects, doubling FirstLight's development pipeline to approximately 4 GW in the United States and Canada.
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.
TD Securities is acting as financial advisor to Hydroméga in connection with the transaction; Davies Ward Phillips & Vineberg LLP is Hydroméga's legal counsel and KPMG represents Hydroméga as its tax advisor. Blakes, Cassels & Graydon LLP is FirstLight's legal counsel.