NU E Power Corp. Advances Fully Permitted Lethbridge Solar Projects, Strengthening Its Position as a Leading Utility-Scale Energy Developer

Executive Summary

• NU E Power Corp. announced that its two Alberta solar projects—Lethbridge Two (12 MW) and Lethbridge Three (155 MW)—are fully permitted by the Alberta Utilities Commission with no material conditions, making them shovel‑ready for construction.
• The company has secured full land control and is progressing through interconnection, municipal rezoning, and development permitting to position the projects for future financing and commercialization.
• NU E highlighted its broader strategy of integrating battery energy storage and expanding an international portfolio to diversify upside in power‑constrained markets worldwide.

Key Details

• Project Capacity: Combined 167 MW (Lethbridge Two – 12 MW; Lethbridge Three – 155 MW).
• Regulatory Status: Alberta Utilities Commission permit issued December 2024, fully granted with no material conditions.
• Land Control: Full ownership/control of land at both sites secured.
• Interconnection Progress: Advancing through Alberta’s interconnection process; municipal rezoning and development permitting underway.
• Construction Readiness: Assets are “shovel‑ready” from a regulatory standpoint, awaiting capital deployment.
• Battery Storage Integration: Planned integration of battery energy storage systems to improve grid stability, increase solar utilization, and enhance project economics.
• Strategic Rationale: Projects positioned in Alberta’s supply‑constrained power market to serve data‑center, industrial, and long‑term off‑take demand.
• International Portfolio: NU E also holds projects in Malaysia, Mongolia, Brazil, and Africa, providing geographic diversification and capital allocation flexibility.
• Management Quote: “These projects represent a milestone and long‑term vision… Battery‑based energy systems are a core component and part of my background, and they will be a key pillar of NU E’s next phase of growth.” – Broderick Gunning, President & CEO.

Notable Quotes

• Broderick Gunning, President & CEO: “We have done the hard work — securing permits, land, and regulatory approvals — and that discipline is now turning into real, buildable megawatts… Battery‑based energy systems are a core component and part of my background, and they will be a key pillar of NU E’s next phase of growth.”

Materiality Assessment

• Non-Material – Positive (operational progress without immediate financial impact; positive outlook for future value creation).