FirstLight Power (FirstLight), a leading clean power producer, developer, and energy storage company serving North America, completed the expansion of its corporate credit facility led by Royal Bank of Canada, The Toronto-Dominion Bank and Export Development Canada, the latter who joined the facility with this expansion. The credit facility, totaling $97.5 million in revolving corporate credit and letters of credit facilities, will provide FirstLight with additional resources to support the long-term growth of its business, including advancement of its solar and battery project development pipeline to complement the company’s operating portfolio of over 1,600 megawatts (MW) of hydropower, storage, and solar assets in key North American markets.
“Over the past two years, FirstLight has moved aggressively to expand our focus beyond our traditional hydropower operations to include the development of diversified clean energy projects such as solar, battery, and offshore wind projects,” said Chris Hurley, Senior Vice President of Finance for FirstLight. “FirstLight is excited to have the continued support of its lenders to continue our growth trajectory in the years ahead as we advance our mission of accelerating the decarbonization of electric grids across North America.”
The announcement of this expanded credit facility follows a number of recent growth-related endeavors from FirstLight. Just last month, FirstLight announced the integration of H2O Power, adding 150 MW of generating capacity and representing the company’s first venture into the Canadian market. Last year, FirstLight was part of a successful investment consortium that secured a lease in the NY Bight Offshore Wind auction. The company also completed the acquisitions of two hydroelectric facilities in Western Pennsylvania that expanded the company’s footprint into the PJM and New York electricity market. In addition, FirstLight announced a new partnership in Connecticut to advance new hybrid renewable energy projects at the company’s existing Connecticut properties. FirstLight also announced a strategic partnership with New Leaf Energy (formerly Borrego) to develop new solar and storage generation at existing hydropower facilities in Massachusetts and Connecticut. These collaborations will support the company’s mission to help accelerate the path to a fully decarbonized electric grid in North America.
In addition, the company recently executed a number of power purchase agreements with Massachusetts municipal utilities for hydroelectricity from select Massachusetts and Connecticut hydroelectric facilities to support the near-term need for clean electricity to meet interim supply requirements mandated by the climate legislation passed into law and signed by former Governor Baker in 2021.