Clean power producer, developer and energy storage company FirstLight Power has finalized an agreement to acquire Hydromega Services Inc., an independent power producer and developer established in Québec in 1987.
FirstLight will double its development pipeline to approximately 4 GW in the United States and Canada when it assumes ownership of Hydromega’s 2 GW of wind, solar, storage and hydroelectric projects. The transaction is expected to close in Q4 2023 and is subject to customary closing conditions.
By expanding its presence in the Canadian market, FirstLight will further accelerate the company’s growth across North America by advancing Hydromega’s diversified renewable energy development pipeline, including over 1,000 MW of wind development projects in Québec, over 1,000 MW of battery storage development projects in Ontario and a combined operating capacity of over 200 MW of hydropower in both provinces. FirstLight will also welcome Hydromega’s employees into its growing team.
A pioneer in Canadian renewable energy production and development, Hydromega has been originating, developing, implementing and operating clean electricity production facilities in Québec for over 36 years and for 20 years in Ontario.
In 1987, the company was one of the first wind developers in Québec, having successfully originated 1,000+ MW, representing more than 25% of the province’s installed wind power capacity. It also was the first independent power producer to operate hydroelectric facilities in the province.
“As an early leader in Canada’s renewable energy sector, we are proud to join forces with FirstLight to accelerate the development of our diversified clean energy portfolio to fight climate change and increase access to renewable power in our current target markets, Québec, Ontario and beyond,” says Stéphane Boyer, CEO of Hydromega.
The announcement follows several initiatives and strategic moves by FirstLight and adds a significant onshore wind development pipeline to its existing development efforts across solar, storage and offshore wind.
TD Securities is acting as financial advisor to Hydromega in connection with the transaction; Davies Ward Phillips & Vineberg LLP is Hydromega’s legal counsel and KPMG represents Hydromega as its tax advisor. Blakes, Cassels & Graydon LLP is FirstLight’s legal counsel.