A UGE project in Maryland. Credit: Polar Racking
NOVA Infrastructure, a mid-market infrastructure investment firm, has completed the purchase of UGE International Ltd., a community-based solar and battery storage company. On May 28, 2024, NOVA agreed to acquire approximately 70% of the common stock of UGE, a publicly traded entity listed on the TSX Venture Exchange. The transaction successfully received approval from security holders and regulators.
“Community solar represents a very fast-growing segment of the U.S. power generation market, with strong regulatory tailwinds supporting UGE’s portfolio of renewable assets,” said Chris Beall, co-founder and managing partner at NOVA. “UGE offers customers attractive electricity rates based on long-term contracts that provide investors with strong downside protection. We have identified value-added initiatives that will accelerate growth in the UGE portfolio and generate strong cash flow.”
UGE is a solar operator and developer of commercial, industrial and community solutions for rooftop and ground-based solar energy. Founded in 2010, UGE develops, builds, finances, owns and operates solar and battery storage projects in New York, New Jersey, Maine, California, Pennsylvania, Oregon, Texas, Illinois, Maryland, Virginia and Massachusetts. With a track record of designing and constructing more than 500 MW of projects, UGE currently has a portfolio of more than 12 operational and 81 advanced backlog projects in 11 states. UGE is a highly differentiated community solar and battery storage platform positioned for growth with a vertically integrated business model, significant project diversification and an experienced management team.
NOVA partnered with UGE’s experienced management team with the goal of building the leading community platform for solar and battery storage in the US mid-market.
“NOVA has committed both acquisition and growth capital to support the expansion of the UGE platform and installed MW,” said Allison Kingsley, co-founder and partner at NOVA. “We are grateful to the company’s shareholders for their support of NOVA’s acquisition of UGE and we thank the highly experienced team for their stewardship of the company. We look forward to growing the business in partnership with UGE and for the benefit of valued UGE customers and NOVA investors.”
News item from NOVA Infrastructure