A Northern Ontario-based hydroelectric power company owned by the Public Sector Pension Investment Board is being integrated into another one of PSP Investments’ assets, a clean power producer, developer and energy storage company.
The integration of H2O Power by FirstLight Power represents the latter’s first venture into the Canadian market and brings its combined portfolio to more than 1,650 megawatts of operating capacity. The H2O Power portfolio is comprised of eight hydroelectric facilities, three control dams and 140 kilometres of transmission lines.
According to a press release, FirstLight believes the H2O Power assets are ideally positioned to help Ontario meet its growing clean energy needs in the decades ahead, including integrating significant planned new additions of wind and solar capacity.
“This integration represents an important development for the North American clean energy sector and it comes at an important time in the global response to climate change,” said Stephan Rupert, managing director and head of Americas for infrastructure investments at PSP Investments, in a press release. “It is also particularly exciting for our team at PSP as it advances our climate strategy and our intention to be a leading investor in assets that enable economy-wide decarbonization.”