FirstLight Announces $97.5M Corporate Credit Facility to Support Clean Energy Development Pipeline and Growth Strategy in North America
The expansion of FirstLight’s existing credit facility builds on longstanding lender partnerships with Royal Bank of Canada and The Toronto-Dominion Bank, and adds new lender Export Development Canada, deepening FirstLight’s relationships with global financial institutions to support its continued growth and development in North America
BURLINGTON, Mass. – May 11, 2023 – FirstLight Power (FirstLight), a leading clean power producer, developer, and energy storage company serving North America, today announced the completed 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.
About FirstLight Power
FirstLight Power (FirstLight) is a leading clean power producer, developer, and energy storage company serving North America. With a diversified portfolio that includes over 1,650 MW of operating renewable energy and energy storage technologies and a development pipeline with 2,000+ MW of solar, battery, and offshore wind projects, FirstLight specializes in hybrid solutions that pair hydroelectric, pumped-hydro storage, utility-scale solar, large-scale battery, and offshore wind assets. The company’s mission is to accelerate the decarbonization of the electric grid by supporting the development, operation, and integration of renewable energy and storage to meet the world’s growing clean energy needs and deliver an electric system that is clean, reliable, affordable, and equitable. Based in Burlington, MA, with operating offices in Northfield, MA, New Milford, CT, and Oshawa, ON, FirstLight is a steward of more than 14,000 acres and hundreds of miles of shoreline along some of the most beautiful rivers and lakes in North America. FirstLight has been wholly owned by PSP Investments since 2016. To learn more, visit firstlightpdev.wpengine.com or follow us on LinkedIn or Twitter.
About Royal Bank of Canada
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 97,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
About The Toronto-Dominion Bank
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (“TD”). TD is the fifth largest bank in North America by assets and serves over 27 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America’s Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities. TD also ranks among the world’s leading online financial services firms, with more than 15 million active online and mobile customers. TD had $1.9 trillion in assets on January 31, 2023. The Toronto-Dominion Bank trades under the symbol “TD” on the Toronto and New York Stock Exchanges.
About Export Development Canada
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.
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Media Contacts:
Claire Belanger, Communications Manager
Cell: 585-730-1218, Email: Claire.belanger@firstlightpower.com
Travis Small, Slowey McManus Communications
Cell: 617-538-9041, Email: tsmall@sloweymcmanus.com