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.
Recommended Reading
Liberty Capitalizes on Frac Tech Expertise to Navigate Soft Market
2024-10-18 - Liberty Energy capitalized on its “competitive edge” when navigating a challenging demand environment in third-quarter 2024, CEO Chris Wright said in the company’s quarterly earnings call.
TGS Releases Illinois Basin Carbon Storage Assessment
2024-09-03 - TGS’ assessment is intended to help energy companies and environmental stakeholders make informed, data-driven decisions for carbon storage projects.
BP to Use Palantir Software to Improve AI in Operations
2024-09-09 - BP and Palantir have agreed to a five-year strategic relationship in which Palantir’s AIP software will use large language models to improve BP operations.
Companies Hop on Digital Twins, AI Trends to Transform Day-to-day Processes
2024-10-23 - A big trend for oil and gas companies is applying AI and digital twin technology into everyday processes, said Kongsberg Digital's Yorinde Lokin-Knegtering at Gastech 2024.
HNR Increases Permian Efficiencies with Automation Rollout
2024-09-13 - Upon completion of a pilot test of the new application, the technology will be rolled out to the rest of HNR Acquisition Corp.’s field operators.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.