Major infrastructure investment corporation, NOVA Infrastructure, has successfully completed the acquisition of UGE International Ltd., a leading community solar and battery storage business UGE Project. NOVA now controls roughly 70% of UGE, a public company traded on the TSX Venture Exchange. The transaction has obtained all necessary security and regulatory approvals.

The community solar sector is a rapidly developing area of the US power generation market, with robust regulatory support driving UGE's array of long-term assets. UGE specializes in providing customers with appealing electricity rates under durable contracts that offer a reliable bail out for investors. NOVA has outlined strategies to foster growth in the UGE portfolio and to promote robust cash-flow production.

Founded in 2010, UGE excels in the development, construction, financing, and operation of solar and battery storage projects. Serving a wide range of states, including New York, New Jersey, Maine, California, Pennsylvania, Oregon, Texas, Illinois, Maryland, Virginia, and Massachusetts, UGE's portfolio has grown extensively. Their operations span from design to construction of over 500 MW of projects, exhibiting a burgeoning portfolio of more than 12 operating and 81 advanced backlog projects in 11 states.

NOVA's strategic partnership with UGE's experienced management team aims to make it the premier provider of community solar and battery storage in the US middle market. Towards this objective, NOVA has committed capital for acquisitions and to support UGE's expansion. Expressing gratitude towards the company's shareholders for backing NOVA's takeover of UGE, NOVA looks forward to growing the company, boosting UGE's platform, and delivering excellent results for valued UGE consumers and NOVA investors.

In related news, a new microgrid management software has been launched by Torus. This comes amid an increase in imports, prompting American solar panel makers to seek immediate relief from the government. Furthermore, a new solar array is set to power luxury apartments in Jersey City as Alaska also joins the list of states to legalize community solar.