NU E Power working on Lethbridge Two, Lethbridge Three

Executive Summary

• NU E Power Corp. has advanced its fully permitted Lethbridge solar portfolio in Alberta, comprising two projects totaling 167 MW (Lethbridge Two at 12 MW and Lethbridge Three at 155 MW).
• The projects hold a fully granted Alberta Utilities Commission permit issued in December 2024 with no material conditions, securing regulatory certainty and land control for these utility-scale assets.
• The company is advancing through Alberta's interconnection process and municipal rezoning, positioning the assets for construction, financing, and commercialization while integrating battery energy storage systems to enhance grid stability and economics.

Key Details

• Project Portfolio:
  • Lethbridge Three: 155 MW flagship utility-scale asset capable of supporting long-term power offtake, data centre, and industrial demand.
  • Lethbridge Two: 12 MW fast-track, modular project that can be developed independently or bundled strategically.
  • Total Capacity: 167 MW of fully permitted renewable energy capacity.
• Regulatory Status:
  • Fully granted Alberta Utilities Commission permit issued in December 2024.
  • No material conditions attached to the permit.
  • Successful completion of stakeholder engagement, environmental and wildlife studies, and detailed technical assessments.
• Development Progress:
  • Full land control secured across both project sites.
  • Advancing through Alberta's interconnection process.
  • Municipal rezoning and development permitting are underway (final stages required for construction, financing, and commercialization).
• Technology & Strategy:
  • Integration of Battery Energy Storage Systems (BESS) expected to support projects, improve grid stability, enable higher solar utilization, and enhance project economics.
  • BESS integration aligns with CEO Broderick Gunning's background and the company's strategy to develop flexible, dispatchable clean energy infrastructure.
• Market Context:
  • Positioned in Alberta, described as a strategic and supply-constrained power market with increasing grid constraints, accelerating data centre/electrification demand, and limited new project approvals.
  • Management views flexibility in timing as a key strategic advantage in the current Alberta market.
• Global Expansion:
  • NU E maintains an international portfolio spanning Malaysia, Mongolia, Brazil, and Africa.
  • Strategy involves assembling large-megawatt positions in key strategic power markets to create durable shareholder value through disciplined infrastructure development.

Notable Quotes

• "These projects represent a milestone and long-term vision... We have done the hard work -- securing permits, land and regulatory approvals -- and that discipline is now turning into real, buildable megawatts. As we move into 2026, this momentum continues with the integration of battery storage across our portfolio, allowing us to unlock more value from every megawatt developed." — Broderick Gunning, President and CEO