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.