NOVA Infrastructure, a medium-sized infrastructure investment company, has completed the acquisition of UGE International Ltd., a community solar and battery storage business. On May 28, 2024, NOVA agreed to acquire approximately 70% of the common stock of UGE, a publicly listed company on the Toronto Stock Exchange's ChiNext board. The transaction was successfully approved by the securities holders and regulatory authorities.

Chris Beall, co-founder and executive partner of NOVA, said, "Community solar is a rapidly growing sector in the US power generation market, and strong regulatory tailwinds support UGE's long-term asset portfolio. UGE offers attractive and long-term contract compliant electricity prices to customers, providing strong downside protection for investors. We have identified value-added plans that will accelerate the growth of UGE's investment portfolio and drive strong cash flow generation

UGE is a solar energy operator and developer of rooftop and ground mounted commercial, industrial, and community solar solutions. UGE was founded in 2010 and 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. UGE has a record of designing and constructing over 500 MW projects, currently having over 12 operational projects and 81 senior backlog projects in 11 states. UGE is a highly differentiated community solar and battery storage platform, positioned for growth through its vertically integrated business model, significant project diversification, and experienced management team.

NOVA collaborates with UGE's senior management team to create a leading community solar and battery storage platform in the mid-range market in the United States.

NOVA is committed to providing acquisition and growth capital to support the expansion of the UGE platform and installed MW, "said Allison Kingsley, co-founder and partner of NOVA." We appreciate the support of our shareholders for NOVA's acquisition of UGE, as well as the experienced team's management of the business. We look forward to working with UGE to develop the company and benefit UGE's valued customers and NOVA investors