PSP Investments Finalizes FirstLight Sale and Names Patrick Gut as New CEO of Caelo Energy
The Public Sector Pension Investment Board (PSP Investments) has officially announced the completion of its strategic move in the energy sector by finalizing the sale of FirstLight's U.S. portfolio. This sale includes their brand, which has been transferred to Hull Street Energy, a firm that specializes in power and energy transition investments. The U.S. operations, which now fall under Hull Street Energy, encompass around 1.4 gigawatts (GW) of installed capacity that spans a variety of clean energy assets such as hydroelectric generation and energy storage across multiple states including Massachusetts, Connecticut, and Pennsylvania.
However, PSP Investments has retained ownership of FirstLight's Canadian operations, which integrate the legacy businesses of Hydromega and H2O Power. From this point forward, these operations will transition to operate under the name Caelo Energy. Caelo currently manages 18 hydroelectric facilities located in Quebec and Ontario, amounting to a collective capacity of 202 MW. Furthermore, they are also spearheading a robust development pipeline that includes nearly 1 GW of projects focused on renewable energy and energy storage solutions.
Among the upcoming initiatives is an exciting 57.2 MW solar project planned in partnership with the Lac Des Mille Lacs First Nation, which secured a 20-year power purchase agreement through Ontario's Long-Term 2 procurement process.
In a key move demonstrating confidence in the new direction, PSP Investments has appointed Patrick Gut as CEO of Caelo Energy. Gut brings a wealth of experience from nearly 10 years at PSP Investments, emphasizing investment strategies and asset management within the power sector across both Americas and Europe. His extensive familiarity with the business is evident as he previously held roles such as Interim President of H2O Power and board member at both H2O Power and FirstLight. Furthermore, Gut's broader expertise in renewable investments is enriched by his board membership at Cubico Sustainable Investments, which develops and operates renewable energy projects across several continents.
Andrew Alley, Managing Director and Global Head of Infrastructure Investments at PSP Investments, expressed gratitude for the tremendous efforts of the U.S. team, stating, "Completing this transaction concludes a successful decade of building FirstLight into a leading North American clean energy business. In Canada, we are retaining a platform with long-term, inflation-linked operating cash flows, an attractive development pipeline, and an experienced team positioned to pursue growth opportunities in Canada."
Patrick Gut is enthusiastic about leading Caelo Energy, stating, "I am honored to lead Caelo Energy, and to do so alongside such a skilled and dedicated team. We start from a strong foundation – hydroelectric facilities that have served their communities for generations – and we are excited to build on that foundation as we shape Caelo's future."
Caelo Energy is a Canadian clean energy entity formed from the merging of Hydromega and H2O Power, entirely owned by PSP Investments. This company is not only pivotal in maintaining operational hydroelectric plants but is also advancing several initiatives focused on wind, solar, hydro, and battery storage projects, aiming to make significant contributions to Canada's energy landscape. Offices are located in Montreal and Oshawa, reflecting the company's ongoing commitment to local engagement in the energy sector. For more details, one can visit caeloenergy.com or follow them on LinkedIn.
Established in 1999, PSP Investments has evolved into one of Canada’s largest pension investors, managing approximately $320.6 billion in net assets as of March 31, 2026. The organization invests through diverse channels including capital markets, private equity, real estate, and infrastructure, ensuring a varied and robust financial portfolio for the pension plans it oversees. Headquartered in Ottawa, with significant offices in Montreal and internationally in New York, London, and Hong Kong, PSP Investments continues to pave the way for innovative energy solutions in Canada and beyond.
However, PSP Investments has retained ownership of FirstLight's Canadian operations, which integrate the legacy businesses of Hydromega and H2O Power. From this point forward, these operations will transition to operate under the name Caelo Energy. Caelo currently manages 18 hydroelectric facilities located in Quebec and Ontario, amounting to a collective capacity of 202 MW. Furthermore, they are also spearheading a robust development pipeline that includes nearly 1 GW of projects focused on renewable energy and energy storage solutions.
Among the upcoming initiatives is an exciting 57.2 MW solar project planned in partnership with the Lac Des Mille Lacs First Nation, which secured a 20-year power purchase agreement through Ontario's Long-Term 2 procurement process.
In a key move demonstrating confidence in the new direction, PSP Investments has appointed Patrick Gut as CEO of Caelo Energy. Gut brings a wealth of experience from nearly 10 years at PSP Investments, emphasizing investment strategies and asset management within the power sector across both Americas and Europe. His extensive familiarity with the business is evident as he previously held roles such as Interim President of H2O Power and board member at both H2O Power and FirstLight. Furthermore, Gut's broader expertise in renewable investments is enriched by his board membership at Cubico Sustainable Investments, which develops and operates renewable energy projects across several continents.
Andrew Alley, Managing Director and Global Head of Infrastructure Investments at PSP Investments, expressed gratitude for the tremendous efforts of the U.S. team, stating, "Completing this transaction concludes a successful decade of building FirstLight into a leading North American clean energy business. In Canada, we are retaining a platform with long-term, inflation-linked operating cash flows, an attractive development pipeline, and an experienced team positioned to pursue growth opportunities in Canada."
Patrick Gut is enthusiastic about leading Caelo Energy, stating, "I am honored to lead Caelo Energy, and to do so alongside such a skilled and dedicated team. We start from a strong foundation – hydroelectric facilities that have served their communities for generations – and we are excited to build on that foundation as we shape Caelo's future."
Caelo Energy is a Canadian clean energy entity formed from the merging of Hydromega and H2O Power, entirely owned by PSP Investments. This company is not only pivotal in maintaining operational hydroelectric plants but is also advancing several initiatives focused on wind, solar, hydro, and battery storage projects, aiming to make significant contributions to Canada's energy landscape. Offices are located in Montreal and Oshawa, reflecting the company's ongoing commitment to local engagement in the energy sector. For more details, one can visit caeloenergy.com or follow them on LinkedIn.
Established in 1999, PSP Investments has evolved into one of Canada’s largest pension investors, managing approximately $320.6 billion in net assets as of March 31, 2026. The organization invests through diverse channels including capital markets, private equity, real estate, and infrastructure, ensuring a varied and robust financial portfolio for the pension plans it oversees. Headquartered in Ottawa, with significant offices in Montreal and internationally in New York, London, and Hong Kong, PSP Investments continues to pave the way for innovative energy solutions in Canada and beyond.
Topics Energy）
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