UGE’s portfolio currently includes more than 12 operating and 81 advanced backlog projects in 11 states. (Source: Shutterstock/ UGE International)
Investment firm NOVA Infrastructure completed its purchase of UGE International Ltd., a community solar and battery storage company, according to an Aug. 16 press release.
When the deal was announced in May, NOVA agreed to acquire approximately 70% of UGE’s common shares. Financial terms of the deal were not disclosed in the release.
UGE’s portfolio currently includes more than 12 operating and 81 advanced backlog projects in 11 states.
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.
NOVA said it partnered with the veteran management team of UGE with the goal of building a 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,” said 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.”
NOVA was advised in this transaction by Blank Rome LLP and Bennett Jones LLP. UGE was advised by Mintz LLP and CP LLP.
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