NOVA Completes Purchase of UGE International
16 Agosto 2024 - 7:49AM
Business Wire
NOVA acquires community solar and battery
storage company
NOVA Infrastructure (“NOVA”), a middle-market infrastructure
investment firm, has completed the purchase of UGE International
Ltd. (“UGE” or the “Company”), a community solar and battery
storage business. On May 28, 2024, NOVA agreed to acquire
approximately 70% of the common shares of UGE, a publicly traded
entity listed on the TSX Venture Exchange. The transaction
successfully received securityholder and regulatory approval.
“Community solar represents a very fast-growing segment of the
US power generation market with strong regulatory tailwinds
supporting UGE’s portfolio of long-lived assets,” said Chris Beall,
Co-Founder and Managing Partner at NOVA. “UGE provides customers
with attractive electricity rates under long term contracts that
provide strong downside protection for investors. We have
identified value-add initiatives that will accelerate growth in the
UGE portfolio and drive strong cash flow generation.”
UGE is a solar operator and developer of rooftop and ground
mount commercial, industrial and community solar energy solutions.
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
building over 500MW of projects, UGE currently has a portfolio of
more than 12 operating 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 the veteran management team of UGE with the
goal of building the leading community solar and battery storage
platform in the U.S. middle market. “NOVA committed acquisition
capital as well as growth capital to support the expansion of the
UGE platform and installed MW,” shared 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 business. We
look forward to growing the Company in partnership with UGE and for
the benefit of valued UGE customers and NOVA investors.”
Nick Blitterswyk, CEO of UGE, commented, “NOVA is a thoughtful
and value-added partner to UGE that will help us effectively and
efficiently scale the business. We value NOVA’s experience working
with companies of our size to undertake similarly significant and
important growth initiatives.”
As a middle market infrastructure investor, NOVA’s investment in
UGE is illustrative of the firm’s continued investment in
entrepreneurial, high growth businesses with strong infrastructure
assets.
NOVA was advised in this transaction by Blank Rome LLP and
Bennett Jones LLP, and UGE was advised by Mintz LLP and CP LLP.
About NOVA Infrastructure
Founded in 2018, NOVA (http://www.novainfra.com) is a
value-added, middle market infrastructure investment firm focused
on North America. NOVA seeks to make investments that pair the
downside protection features of the infrastructure asset class with
operationally focused, value-added upside strategies. NOVA targets
investments in environmental services, transportation, energy /
energy transition, and digital sectors.
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Media Contact Ellen DeGiusti edegiusti@sloanepr.com