Solar developer UGE acquired by NOVA, stock to get delisted soon

New York-based investment firm NOVA Infrastructure has finalised its CAD-2.00 (USD 1.47/EUR 1.32) per-share acquisition of North American solar and storage developer UGE International Ltd (TSXV:UGE), both parties have announced.

A NOVA fund, through an affiliate, acquired around 70% of the common shares of UGE. The remaining shares, held by some management representatives and shareholders, were rolled over into a new private company that will carry on UGE’s business.

The deal required approval from shareholders, warrant holders, and debenture holders, which was obtained on July 31, 2024. Finally, the Superior Court of Justice approved the transaction on August 6, 2024.

UGE's shares will be removed from the TSX Venture Exchange and OTC Markets “as soon as reasonably practicable”, the company said.

UGE develops, builds, finances, owns and operates rooftop and ground-mounted solar arrays and battery storage solutions across the United States, with a track record encompassing over 500 MW of projects. The company has a portfolio of more than 12 operating and 81 advanced backlog projects in 11 states, according to NOVA Infrastructure.

“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,” commented 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.”

(CAD 1.0 = USD 0.734/EUR 0.660)

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