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NOVA Infrastructure Complete Acquisition of UGE International

NOVA Infrastructure Complete Acquisition of UGE International

NOVA Infrastructure has completed the purchase of UGE International Ltd., a community solar and battery storage business. In May, the New York-based middle market infrastructure firm agreed to acquire approximately 70% of the common shares of UGE for CAD2.00 ($1.46) a share.

The acquisition, through an affiliate, was made through NOVA Infrastructure Fund II LP. The all-cash purchase price represented a 231% premium to the 30-day volume-weighted average price of UGE’s common shares.

UGE is a solar operator and developer of rooftop and ground mount commercial, industrial and community solar energy solutions, operating solar and battery storage projects in 11 states. UGE has designed and built more than 500 MW of projects.

“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.

NOVA was advised by Blank Rome LLP and Bennett Jones LLP, and UGE was advised by Mintz LLP and CP LLP.

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Nova InfrastructureUGE International, Ltd.

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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