NU E Power Corp. Enters LOI to Sell 503.5 MW Alberta Solar & Storage Portfolio, Marking First Asset Monetization Milestone

Executive Summary

• NU E Power Corp. entered into a Letter of Intent with Green Harbor Partners Corp. to sell its Lethbridge Two, Lethbridge Three, and Hanna Solar projects (totaling 503.5 MWac) in Alberta.
• The LOI allows NU E to retain a royalty or carried interest, providing upside participation while recycling approximately US$2.6 M of capital already invested.
• Consideration is tiered: $50‑150k/MW at the first milestone, up to $395‑700k/MW at shovel‑ready, with staged cash releases upon closing conditions.

Key Details

• Projects Covered: Lethbridge Two, Lethbridge Three, Hanna Solar – combined 503.5 MWac of utility‑scale solar plus integrated battery energy storage systems (BESS).
• Counterparty: Green Harbor Partners Corp. (formerly Sprott Korea), a Korean private‑equity firm managing >2.5 GW of global renewable assets.
• Transaction Structure:
• Acquisition of all equity interests in the three projects, subject to development milestones, financing conditions, and regulatory approvals.
• NU E retains option for long‑term royalty or carried interest; may liquidate at any milestone stage.
• Financial Metrics (NU E side):
• Total invested capital to date: US$2.6 M (~US$5,150 per MW).
• Expected immediate consideration under current LOI conditions: US$50‑150k per MW.
• Potential maximum compensation at shovel‑ready: US$395‑700k per MW.
• Milestone Payment Schedule:
• First 10% of total consideration paid upon signing the final purchase agreement.
• Additional 50% released after fulfillment of all closing conditions.
• Further 30% released upon notice to proceed; final 10% upon commercial operation.
• Strategic Rationale:
• Marks NU E’s first planned asset‑level monetization, transitioning the company into a power developer with ongoing economic participation.
• Provides capital recycling for future project development and positions NU E for repeatable, scalable renewable development partnerships.
• Broader Collaboration: In parallel, NU E entered a strategic collaboration with Green Harbor to support financing, delivery, and institutional alignment of solar & storage projects across NU E’s global pipeline (Latin America, Asia, Europe, Africa).
• Quotes:
• Jay Lee, CEO – Green Harbor: “Green Harbor is pleased to announce the formation of a highly strategic partnership with NUE…”.
• Broderick Gunning, CEO – NU E: “This LOI represents a pivotal moment for NUE… our approach is not simply to sell projects, but to structure transactions that preserve long‑term participation.”

Notable Quotes

• Jay Lee (Green Harbor): “We believe NUE's disciplined approach to energy development… aligns well with our long‑term objectives and opens compelling opportunities across multiple regions.”
• Broderick Gunning (NU E): “Our first planned monetization of a developed asset validates the quality of the assets and our strategy of building a scalable, globally relevant power development platform.”