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NU E Power Signs LOI to Buy a 145 MWac Alberta Solar and Storage Project

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NU E Power (NUE.CN) entered into a non-binding letter of intent (LOI) with Proteus Power Developments to buy three Alberta renewable-power project companies, it said in a statement on Monday.

The company said the aggregate purchase price would be about C$7.25 million, based on the about 145 MWac contemplated as of the date of the LOI. NU E Power's cash payment at closing would be C$100,000, with the balance of the consideration payable only as the project reaches construction readiness and commercial operation, it said.

The three companies control the Hays Project in southern Alberta and should the sale be completed, would be the first project wholly owned by NU E and be its first project to combine solar generation and battery storage.

NU E Power expects the completion of the proposed acquisition to increase its portfolio to about 1,258 MW gross and about 760 MW net.

Shares of the company were last seen unchanged at C$0.14 on the Canadian Securities Exchange.

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