On September 13, 2023, FirstLight Power, a prominent clean power producer and energy storage company, finalized an agreement to acquire Hydroméga Services Inc., encompassing ownership interests in ten hydropower generating stations across Québec and Northeastern Ontario. This acquisition also includes Hydroméga’s clean energy development pipeline of over 2 GW, effectively doubling FirstLight’s development capacity to 4 GW in the U.S. and Canada. The deal is expected to close in Q4 2023, subject to customary conditions.

Hydroméga’s assets, now part of FirstLight, will contribute over 200 MW of clean energy to Québec and Ontario, benefiting from partnerships with four First Nations. This strategic move enhances FirstLight's presence in the Canadian market and supports the acceleration of North American growth with significant wind and battery storage projects.

Alicia Barton, President and CEO of FirstLight, emphasized the transformational impact of this acquisition on their mission to decarbonize the electric grid. Stéphane Boyer, CEO of Hydroméga, highlighted the alignment of values between the two companies in promoting renewable energy and community partnerships.

Financial advisory for Hydroméga was provided by TD Securities, with legal counsel from Davies Ward Phillips & Vineberg LLP, and tax advisory from KPMG. FirstLight’s legal counsel was Blakes, Cassels & Graydon LLP.