PSP Investments Completes Sale of FirstLight U.S. Portfolio, Rebrands Canadian Assets as Caelo Energy

## PSP Investments Reshapes Energy Portfolio with FirstLight U.S. Sale and Caelo Energy Launch The Public Sector Pension Investment Board (PSP Investments) has completed the sale of FirstLight's U.S. operations, marking a significant restructuring of the Canadian institutional investor's energy holdings, according to a statement released November 2, 2026. As part of the transaction, FirstLight's Canadian business — which remains under PSP Investments ownership — has been rebranded as **Caelo Energy**. Patrick Gut has been appointed Chief Executive Officer of the newly named entity, signalling a fresh strategic direction for the retained Canadian portfolio. While the financial terms of the U.S. portfolio sale were not disclosed in the announcement, the transaction represents a notable shift in PSP Investments' approach to its energy infrastructure assets. By divesting U.S. operations while consolidating Canadian holdings under a distinct corporate identity, PSP Investments appears to be streamlining its energy exposure and focusing on domestic infrastructure. ### Relevance to the Energy and Infrastructure Sector PSP Investments is one of Canada's largest Crown corporation pension managers, overseeing assets on behalf of federal public service employees. Its infrastructure and energy investments carry significant weight in the institutional investment community, and portfolio decisions of this scale often signal broader trends in how pension funds are repositioning energy assets amid the global transition to cleaner power sources. FirstLight has historically operated hydroelectric generation facilities, a sector of growing strategic importance as governments and utilities seek reliable, low-carbon baseload power. The rebranding to Caelo Energy may reflect an intent to reposition the Canadian assets under a more forward-looking identity aligned with evolving energy market dynamics. Patrick Gut's appointment as CEO of Caelo Energy will be closely watched by industry observers, as leadership transitions of this nature often precede shifts in operational strategy, potential acquisitions, or new project development pipelines. *Source: PR Newswire / CNW, November 2, 2026*