Middle-market infrastructure investment firm Nova Infrastructure announced it has completed its purchase of UGE International, a solar and energy storage developer and operator.
The acquisition includes Nova purchasing approximately 70% of UGE’s shares. The company is publicly traded on the TSX Venture Exchange.
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.
The company has delivered over 500 MW of projects and currently has a portfolio of more than 12 operating and 81 advanced backlog projects in 11 states. UGE is a community solar and battery storage platform with a vertically integrated business model and a diversified project portfolio.
“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.
NOVA was advised in this transaction by Blank Rome LLP and Bennett Jones LLP, and UGE was advised by Mintz LLP and CP LLP.
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