NOVA Infrastructure (“NOVA”), a middle-market infrastructure investment firm, has finalized its acquisition of UGE International Ltd. (“UGE” or the “Company”), a leader in community solar and battery storage solutions. NOVA agreed to purchase approximately 70% of UGE’s common shares on May 28, 2024. The acquisition, involving a publicly traded entity listed on the TSX Venture Exchange, has received all necessary securityholder and regulatory approvals.
Chris Beall, Co-Founder and Managing Partner at NOVA, commented, “Community solar is a rapidly expanding segment in the U.S. power generation market, bolstered by favorable regulatory conditions for UGE’s extensive asset portfolio. UGE offers customers competitive electricity rates through long-term contracts, providing significant downside protection for investors. We have identified key initiatives to drive growth in UGE’s portfolio and enhance cash flow generation.”
UGE operates and develops rooftop and ground-mounted commercial, industrial, and community solar energy solutions. Established in 2010, UGE develops, finances, builds, owns, and operates solar and battery storage projects across New York, New Jersey, Maine, California, Pennsylvania, Oregon, Texas, Illinois, Maryland, Virginia, and Massachusetts. With a history of over 500MW of projects and a current portfolio of more than 12 operating and 81 advanced backlog projects in 11 states, UGE stands out with its vertically integrated business model and experienced management team.
NOVA has partnered with UGE’s seasoned management team to build a leading community solar and battery storage platform in the U.S. middle market. Allison Kingsley, Co-Founder and Partner at NOVA, noted, “We have committed both acquisition and growth capital to expand the UGE platform and its installed capacity. We appreciate the support of UGE’s shareholders and the dedicated efforts of the management team. We look forward to working closely with UGE to benefit both its customers and our investors.”
Nick Blitterswyk, CEO of UGE, added, “NOVA is a strategic partner that will help us scale our business effectively. We value NOVA’s expertise in driving significant growth initiatives for companies like ours.”
NOVA’s investment in UGE exemplifies its focus on high-growth, entrepreneurial businesses with robust infrastructure assets.
NOVA was advised on the transaction by Blank Rome LLP and Bennett Jones LLP, while UGE was represented by Mintz LLP and CP LLP.
