NOVA acquires community solar and battery storage company
NEW YORK–(BUSINESS WIRE)–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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