NOVA Infrastructure has acquired a substantial majority of shares in UGE International Ltd., a leading provider of community solar and battery storage solutions. The acquisition, completed on May 28, 2024, involved NOVA purchasing approximately 70% of UGE’s common shares. UGE, which is listed on the TSX Venture Exchange, has now secured regulatory and shareholder approval for the deal.
Chris Beall, co-founder and managing partner at NOVA Infrastructure, highlighted the strategic benefits of this acquisition: “Community solar is rapidly expanding in the U.S. energy sector, driven by supportive regulatory frameworks. UGE’s long-term contracts and strong asset base make it a valuable addition to our portfolio. We plan to use our resources to boost UGE’s growth and enhance its cash flow.”
Founded in 2010, UGE International Ltd. is a prominent player in the solar industry. The company operates across 11 states, including New York, California, and Massachusetts, and has experience managing over 500 MW of solar projects. UGE specializes in developing, financing, and operating both rooftop and ground-mounted solar systems.
NOVA Infrastructure aims to accelerate UGE’s growth through this acquisition. Allison Kingsley, co-founder and partner at NOVA, stated: “We are thrilled to partner with UGE’s experienced team to strengthen our position in the community solar and battery storage markets. This acquisition reflects our dedication to investing in high-growth areas and providing value to both our investors and UGE’s customers.”
This strategic move positions NOVA Infrastructure to play a pivotal role in the growth of community solar energy solutions in the U.S., furthering the expansion of renewable energy projects nationwide.