FirstLight Power

FIRSTLIGHT POWER PROVIDING RENEWABLE ENERGY SOLUTIONS ACROSS NORTH AMERICA WWW.FIRSTLIGHT.ENERGY

FIRSTLIGHT POWER AT A GLANCE FIRSTLIGHT POWER WHAT: L eading producer and developer of renewable energy and energy storage solutions WHERE: Burlington, Massachusetts, with operations across North America WEBSITE: www.firstlight.energy PROVIDING RENEW SOLUTIONS ACROS 1 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 08

WABLE ENERGY SS NORTH AMERICA Driving the future of clean energy with strategic expansions, innovative technologies, and critical collaborations. FirstLight Power, headquartered in Burlington, Massachusetts, is a leading producer and developer of renewable energy and energy storage solutions in North America. Its diversified portfolio includes over 1,650 megawatts of operating renewable energy, with a significant focus on hydroelectric power, pumped-hydro storage, solar, and largescale battery projects. 2 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 08

The company recently expanded its operations into Canada by acquiring Hydromega Services, incorporating ten hydroelectric facilities in Québec and Ontario. This move highlights FirstLight’s strategic growth and its efforts to enhance the capacity and reliability of clean energy across the continent. Following the acquisition of hydroelectric facilities in Western Pennsylvania, it is also active in the PJM and New York electricity markets. In addition to its energy production endeavors, FirstLight is deeply involved in community stewardship, maintaining over 14,000 acres of land and hundreds of miles of shoreline and providing recreation opportunities across New England. Its projects support environmental sustainability and contribute to local economies by creating jobs and fostering community development. “FirstLight Power’s story is deeply rooted in the history and evolution of its operations,” Marc Mantha, Vice President and General Manager of Canadian Operations, begins. He elaborates on the company’s origins, tracing back to Abitibi-Consolidated Hydro. “Our beginnings can be traced to 2007 when we were part of Abitibi-Consolidated, a significant newsprint manufacturer. On May 1st, 2007, Abitibi spun off its hydro assets in Ontario, forming a standalone entity.” Mantha explains the company’s journey through turbulent times, noting that in 2010, amidst significant upheavals, Abitibi underwent a Chapter 11 process. “We were sold off to private investors and rebranded as H2O Power. Initially, we managed eight generating facilities in Ontario, all previously linked to paper mills.” He outlines the company’s transformation, detailing the merger with FirstLight Power. “Two years ago, a strategic decision was made to merge H2O Power with FirstLight, leveraging the strengths of both entities to create a unified front in renewable energy.” Mantha shares the geographic and operational significance of the eight significant facilities.“There are two subsets of our facilities. In northeastern Ontario, we have Twin Falls, Iroquois Falls, and Island Falls, contributing about 101MW of capacity, all located on the Abitibi River. The other five are in 3 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 08 FIRSTLIGHT POWER

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At Waltco, we understand the challenges of the Northern region. We are uniquely positioned to meet the needs of the Hydro Electric, Forestry, Mining, and Commercial Industrial sectors, delivering tailored solutions that drive progress in these vital industries. We’re proud to be a Northern-based business, deeply connected to the communities and industries we support, including FirstLight Power. What sets Waltco apart is our experienced and professional team. Our staff isn’t just skilled, they’re passionate about what they do. With a deep understanding of the industries we serve, we approach each project with the care and precision it deserves. Safety is at the forefront of our operations; our rigorous safety protocols are integral to our work culture, protecting both our team and the environment. Our commitment to excellence is matched by our dedication to efficiency. Waltco is known for completing projects on time and under budget, a testament to our strategic planning and resource management. We understand the importance of reliability in the sectors we serve, and our clients trust us to deliver results that exceed expectations. Choose Waltco for your next project, where expertise meets reliability, and safety drives success. Servicing Northeastern Ontario, we mainly perform civil, mechanical and logistics work for the successful development, operations and maintenance of hydro-electric facilities, processing plants, and mine sites both locally and remotely based. EXPERIENCED PROFESSIONALS FROM THE NORTH www.waltcoconstruction.com info@waltcoconstruction.com 14 Main Street, Smooth Rock Falls, Ontario, POL 2B0, Canada FIRSTLIGHT POWER

reliability and additional transformation capacity.” When prompted about ongoing engineering work, Mantha reflects on the enduring nature of the company’s plants. “These facilities are century-old assets, the oldest built in 1906 and the newest in 1925. We’ve invested substantially over the years, including a major $130 million upgrade from 2011 to 2021.” STRATEGIC PROJECTS AND FUTURE PROSPECTS FirstLight Power’s strategic expansion into Canada via acquiring Hydromega Services signifies its growth and ambition in the renewable energy sector. Hydromega, with its aggressive growth portfolio, opened many opportunities for FirstLight in Ontario and Quebec, particularly in wind, solar, and battery systems. Mantha elaborates on this, highlighting the longer timelines associated with hydro development compared to the shorter timelines for solar and wind projects. northwestern Ontario, near Atikokan, Fort Frances, and Kenora, adding up to 50MW.” Mantha describes the upgrades and expansions that have marked the company’s journey. “When we were spun off as Abitibi-Consolidated Hydro, our first large project was a substantial controls upgrade for all facilities and establishing our control center in Oshawa. After rebranding as H2O in 2011, we initiated a significant turbine and generator refurbishment program.” He emphasizes the scale of these upgrades, stating, “Our initial capacity in 2007 was 131MW. Through extensive upgrades, we increased this to 151MW—a 12% boost in capacity over a decade. This not only enhanced our energy output but also improved efficiency.” The latest significant project completely reconfigured its high voltage substation near Iroquois Falls. “From 2021 through 2023, we retired some wellused transformers and switchgear, upgrading to add 6 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 08

“It’s partly electrification, but the primary objective is decarbonization,” he explains. FirstLight is actively exploring opportunities to enhance hydropower through acquisitions and efficiency improvements. Simultaneously, the company is keen on expanding its solar, wind, and battery systems portfolio, aligning with a broader vision for sustainable growth. Addressing the challenges of decarbonization and electrification, Mantha notes the aggressive buildup and expansion required over the next 10 to 15 years as projected by the Independent Electricity System Operator (IESO) in Ontario.“We face similar challenges in Canada and Ontario in decarbonization and electrification,” he states, underscoring the magnitude of the task ahead. 7 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 08 FIRSTLIGHT POWER

FIRST CLASS EXPERTISE, A WIDE NETWORK OF TRUSTED SUBCONTRACTORS, AND THE HIGHEST SAFETY STANDARDS. Our answer to the specialized High-Voltage Power contracting firm of the future. We offer the best of our industry’s expertise, in a model that is more effective, efficient, and personal. PowerNorth operates in the Mining, Utilities, and Renewables sectors delivering exceptional solutions in construction and maintenance of Transmission lines, Distribution lines and Substations. PowerNorth is independently owned and partners with customers of all shapes and sizes. We operate with an experienced, highly trained core team.That makes us nimble and ensures no hidden costs or efficiencies lost in the layers of a large organization. PowerNorth will smoothly integrate into any project plan and deliver first class solutions. We have a wide trusted network of subcontractors. And our customer repeat rate is extremely high. Why? Because we understand that transparency and reliability are the foundation of trust. As both owners and operators, we have personal pride in upholding the highest standards of safety, workmanship, logistics, and communication. Working in some of the harshest Canadian winters and in some of the most remote locations in North America, PowerNorth consistently performs for all of our clients. FirstLight included. N RTH OWER

We build trusting, equitable, and lasting partnerships. The relationships formed across our many projects create employment opportunities and drive economic growth. Valard is proud to work alongside Indigenous Communities across Canada. valard.com TACKLING LABOR AND SUPPLY CHAIN CHALLENGES Like many in the industry, FirstLight Power faces significant labor shortages and supply chain disruptions.These issues are critical as the company continues to pursue ambitious projects and expansions. Mantha acknowledges the dual hurdles, noting the aging workforce in the power industry and the post-pandemic supply chain bottlenecks. “On the labor side, we see a noticeable shortage of skilled technical resources, including millwrights, electricians, and I&C technicians,” he explains. He attributes part of this to the allure of the digital world, which has diverted many potential engineers and skilled tradespeople. “This issue spans Canada and the U.S., and we’re continuously working to address it.” He also highlights the improved yet still challenging supply chain conditions. “The electronics systems shortage has eased significantly since the height When asked about the company’s major projects, Mantha shares that the company is planning and evaluating several looming opportunities. “While I can’t divulge specific details due to non-disclosure agreements, our recent acquisition of Hydromega positions us well for growth in Ontario and Quebec,” he says. The focus is on wind, solar, and battery developments, while hydro remains a longer-term investment due to the extensive timelines required for greenfield development. Mantha advocates for a balanced approach when discussing the feasibility of various renewable energy sources. “We’re not emphasizing one renewable source over another,” he asserts. Our strategy is to develop what is reasonable and cost-competitive.” The competitive nature of the renewable energy sector necessitates cost-effective proposals, with lower-cost projects naturally progressing faster.“It’s an auction-style process, so having a sharp pencil is crucial to making it to the top of the successful proponents list,” he adds. 9 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 08 FIRSTLIGHT POWER

We must take all reasonable precautions to prevent and recover from such incidents.” The conversation turns to artificial intelligence and its potential impact on power generation. “AI is definitely on the horizon,” Mantha states. For FirstLight, the most promising application lies in hydrological forecasting and water management. “Turning rainfall into electrons requires accurate forecasting, and currently, we rely on mathematical models and spreadsheets. AI could enhance our predictive capabilities, though the human element in decision-making remains critical.” He adds, “Whether AI can achieve 100% reliability in forecasting is yet to be seen, but it represents a of the pandemic,” he says. “However, we are still experiencing long lead times for copper items, such as transformers and generator windings.” For instance, the wait for high-voltage transformers is now between 36 to 48 months, irrespective of the supplier. This reality necessitates careful planning and bidding pricing to ensure project feasibility over extended timelines. Mantha also emphasizes the importance of technology in overcoming these challenges.“System integration is a major trend,” he notes, pointing out the shift from hardwired to more cyber-based systems. While this transition enhances efficiency, it also heightens the need for robust cybersecurity measures. “It’s no longer a question of if you’ll be hacked, but when. 10 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 08

significant opportunity for improving our operations.” STRATEGIC COLLABORATIONS AND FUTURE OUTLOOK Key collaborations play a crucial role as FirstLight Power expands and solidifies its position in the renewable energy sector. The company has built strong relationships with several major vendors, ensuring the success and reliability of its projects. “Over the years, we’ve partnered with several vendors,” Mantha shares. “GE and American Hydro have been integral to our turbine upgrade program. ABB has supported our control systems, and SEL Engineering Labs has been our go-to for protection systems for nearly 20 years due to their excellent product quality and support.” These partnerships have been vital to FirstLight’s operations, and they are complemented by numerous local vendors who handle maintenance and day-to-day site support. 11 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 08 FIRSTLIGHT POWER

MAINTAINING AND EXPANDING OPERATIONS FirstLight Power’s future priorities focus on sustaining its current operations and pursuing new development opportunities.“It’s a two-fold approach,” Mantha explains. “We must keep our existing operations in top condition to ensure reliability as demand increases. Simultaneously, we’re looking at development opportunities and preparing to put our best foot forward on any upcoming RFPs.” The emphasis on reliability stems from the projected increase in demand. Mantha acknowledges that the company’s current operations will be more heavily relied upon, necessitating meticulous maintenance and upgrades to meet growing energy needs. Looking ahead, Mantha anticipates significant activity in Ontario’s power sector.“The next five years are going to be hectic,” he predicts. With demand forecasts pointing to substantial growth, the industry 12 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 08

is poised for an influx of projects and initiatives.This outlook underlines the importance of FirstLight’s strategic planning and readiness to adapt to the evolving energy landscape. By balancing the maintenance of existing assets with a proactive approach to new developments, FirstLight Power is positioning itself to meet the challenges and opportunities of the coming years. Through solid vendor relationships and a clear vision for the future, the company continues to lead in the renewable energy sector, driving forward with resilience and innovation. 13 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 08 FIRSTLIGHT POWER

PREFERRED VENDOR/PARTNER n Waltco Construction Inc. www.waltcoconstruction.com Waltco Construction is based out of Smooth Rock Falls, Ontario. Servicing Northeastern Ontario, we primarily perform civil, mechanical and logistics work, among other services, offering project management, skilled tradespersons, and general labourers. We mainly focus on providing on-site support for the successful development, operations and maintenance of hydro-electric facilities, processing plants, and mine sites both locally and remotely based. n PowerNorth Utility Contractors Inc. www.powernorth.ca PowerNorth is a high voltage specialty contractor focusing on powerline and substation construction and maintenance. Operating in some of the most remote locations in North America, our experienced staff and specialty equipment can complete projects where others can’t. As Canada’s fastest growing High Voltage Contractor, our performance keeps our clients coming back. n Valard Construction www.valard.com Valard is a premier powerline utility construction contractor that has the experience and resources to successfully deliver projects of any size and complexity. Valard provides Engineering, Procurement, and Construction (EPC) services and is proud to have built successful partnerships with Indigenous communities across Canada. n DGG5 Advising www.dgg5advising.com Dean G. Gatien at DGG5 Advising is the “Opportunity Maker” with an Expertise in Power, working with ambitious clients in the North American Energy, Construction, and Utilities industries. Dean has a unique perspective that comes from decades of wisdom and relationships with stakeholders in government, utilities, Indigenous, and partner corporations. 14 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 08

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