A global hybrid‑power developer is rapidly advancing fully permitted solar‑plus‑storage projects in a seriously constrained Alberta market while securing a milestone‑based acquisition partnership with an institutional renewable‑energy investor, creating a capital‑efficient pathway to monetization and long‑term value across an internationally diversified pipeline.
NU E Power Corp. (CSE:NUE) is a multi‑stage power developer that converts land and grid access into institutional‑grade energy assets. The company develops next‑generation power sites for the digital and global power economies—combining renewables, grid, gas, nuclear, and battery storage (BESS) to deliver scalable, reliable, and optimized energy sites worldwide.
This article is disseminated in partnership with NU E Power Corp. It is intended to inform investors and should not be taken as a recommendation or financial advice.
NU E’s model is purpose-built for today’s evolving power landscape: secure scarce interconnection and land, advance permitting to de‑risk at the asset level, and partner with institutional buyers to accelerate deployment while preserving meaningful upside.
A defining LOI with Green Harbor Partners
NU E has signed a letter of intent (LOI) with Green Harbor Partners Corp. relating to the proposed acquisition and development of the Lethbridge Two, Lethbridge Three, and Hanna Solar projects in Alberta, representing a combined 503.5 MWac of utility‑scale solar generation with integrated BESS.
About Green Harbor Partners
- Korea-based renewable energy and infrastructure private equity firm (formerly Sprott Korea).
- Manages and advises over 2.5 GW of global solar and wind assets across OECD markets in the U.S., Mexico, Chile, Sweden, and more.
- Under the LOI, NU E will retain the option to maintain a royalty interest in the project—preserving long-duration economic participation aligned with asset performance.
Transaction structure and intent
The LOI contemplates the acquisition of all equity interests in the three Alberta projects, subject to customary development milestones, financing conditions, and regulatory approvals. Importantly, the structure is designed to allow NU E to retain a meaningful ongoing economic interest, including the potential for a long‑term royalty or carry, working to align NU E with project performance while enabling capital recycling into new developments.
Capital efficiency and economics
- Total NU E invested capital to date in these projects: ~US$2.6M (≈ US$5,150 per MW).
- Under currently met LOI conditions, NU E expects to realize US$50,000–US$150,000 per MW.
- Maximum potential compensation at shovel‑ready: US$395,000–US$700,000 per MW.
This transaction is a defining milestone: NU E formally transitions into a power developer with its first planned project sale to an end buyer, while maintaining exposure to long‑duration value creation. To date, NU E has invested C$3.6 million of its own capital into the advancement of these Alberta projects—underscoring its role as a capital‑at‑risk developer, not a passive aggregator.
Transaction critical path and milestones
- Phased LOI structure:
- Tier 1 (Met) — AESO interconnection approval: unlocks US$50,000–US$150,000 per MW.
- Tier 2 — ≥70 per cent PPA coverage secured: consideration increases to US$158,000–US$395,000 per MW.
- Shovel‑ready — full late‑stage de‑risking: US$395,000–US$700,000 per MW.
- NU E may liquidate the asset at any tier for the listed consideration.
- Proceeds schedule upon signing the final purchase agreement:
- 10 per cent at signing,
- 50 per cent upon fulfillment of all closing conditions,
- 30 per cent paid until Notice to Proceed (NTP),
- 10 per cent at Commercial Operation Date (COD).
This framework balances near‑term liquidity with structured value recognition as the projects progress through de‑risking gates favored by institutional buyers.
Focus on Alberta: Fully permitted, high‑quality solar and storage
NU E is advancing two high‑quality solar generation projects in the County of Lethbridge, Alberta:
- Lethbridge Two: 12 MW
- Lethbridge Three: 155 MW
- Combined: 167 MW of fully permitted renewable capacity in one of Canada’s most supply‑constrained power markets.
Project overview: Land, permitting and approvals
The Lethbridge portfolio demonstrates both scale and flexibility:
- Regulatory status: Both projects are covered under a fully granted Alberta Utilities Commission (AUC) permit issued December 2024, with no material conditions, following comprehensive stakeholder engagement, environmental and wildlife studies, and detailed technical assessments. From a regulatory standpoint, NU E holds truly shovel‑ready, utility‑scale assets.
- Asset profile:
- Lethbridge Three (155 MW): A flagship utility‑scale site suitable for long‑term offtake, data centre, and industrial demand.
- Lethbridge Two (12 MW): Fast‑track, modular project—can be developed independently or methodically bundled.
- Development position: NU E has secured full land control across both sites and is advancing through Alberta’s interconnection process, with municipal rezoning and development permitting underway—the final pre‑construction steps required for financing and commercialization.
In practical terms, NU E has acquired a scarce, fully permitted call option on Alberta power at a time when new approvals are increasingly difficult to obtain.
Storage-Enabled, Grid-Responsive Design
Battery energy storage systems (BESS) are expected to play a growing role in both projects—stabilizing the grid, raising solar utilization, and enhancing project economics. Storage integration aligns with NU E’s broader strategy to develop flexible, dispatchable clean energy infrastructure, an area where the company’s leadership has deep experience in battery‑based energy systems.
Local market tailwinds: Alberta’s supply-demand imbalance
Alberta faces tightening grid constraints, accelerating data centre and electrification demand, and limited new project approvals—a combination that structurally supports premium pricing and contracting for late‑stage, de‑risked renewable and hybrid assets. NU E’s fully permitted Lethbridge portfolio is positioned to meet institutional buyer criteria while preserving timing flexibility—a serious advantage as interconnection capacity, contracted offtake, and construction economics evolve. Management expects to exercise this flexibility in a disciplined fashion and in alignment with long‑term shareholder interests.
Alignment with institutional-grade global partners
Green Harbor Partners, founded in 2012 (formerly Sprott Korea), brings institutional credibility, a global execution track record, and capital markets reach to the partnership. With 2.5+ GW under management and advisory across solar and onshore wind portfolios, Green Harbor strengthens NU E’s ability to finance, construct, and operate large‑scale renewable and hybrid assets beginning in Alberta and extending internationally.
Meanwhile, NU E and Green Harbor have signed off on a collaboration aimed at supporting delivery, financing coordination, and long‑term institutional alignment across NU E’s broader global pipeline, including Latin America, Asia, Europe, and Africa.
Global optionality: A diversified, high-conviction development platform
Beyond Alberta, NU E is assembling large‑megawatt positions in certain supply‑constrained power markets, with a rapidly expanding international portfolio spanning Malaysia, Mongolia, Brazil, and Africa. This geographically diversified pipeline provides global optionality—the ability to allocate capital to the highest‑return projects while building a scalable platform for next‑generation power and compute infrastructure.
Why should investors deepen due diligence on NU E?
- Institutional-Grade Development Discipline
NU E’s stage‑gated model—land + interconnection + permitting, then capital deployment—has produced fully permitted, shovel‑ready Alberta assets aligned with institutional buyer standards. - Attractive Capital Efficiency & Upside Participation
With ~US$2.6M invested to date (≈US$5,150/MW) and LOI‑based economics scaling to US$395,000–US$700,000/MW at shovel‑ready, NU E demonstrates high ROIC potential while maintaining the option for royalty/carry exposure. - De-Risked Path to Monetization
A phased consideration schedule, AESO interconnection milestone achieved, and AUC permits in hand provide clear visibility to liquidity events. - Strategic Partner Validation
The relationship with Green Harbor validates NU E’s asset quality, development approach, and institutional readiness, while expanding financing and execution capacity globally. - Exposure to Structural Market Tailwinds
Alberta’s supply constraints, data centre growth, and limited new approvals create an advantageous backdrop for fully permitted, storage‑enabled solar assets. - Global Optionality with a Compute-Ready Angle
NU E’s portfolio spans multiple continents, enabling dynamic capital allocation and providing exposure to emerging digital‑infrastructure demand (e.g., data centres) that require reliable, scalable power.
Next steps ….
- Review permitting files (AUC decisions, environmental/wildlife studies) and interconnection statuses (AESO queue position and deliverability).
- Evaluate LOI terms (milestone definitions, consideration timing, royalty/carry mechanics).
- Assess offtake strategy (corporate PPAs, data centre load, hedge structures) and BESS sizing relative to price capture and grid ancillary opportunities.
- Stress‑test construction budgets and timelines under Alberta EPC, equipment supply, and intertie constraints.
- Engage management on the global pipeline to understand how capital recycling from Alberta will be deployed into higher‑return markets.
Investor’s corner
Investors should consider deepening their due diligence on NU E Power Corp. because the company demonstrates institutional‑grade development discipline, highly attractive capital efficiency, and a clear pathway to monetization through its milestone‑based LOI structure with Green Harbor Partners.
With fully permitted, shovel‑ready Alberta assets in one of North America’s most supply‑constrained power markets, NU E is in a stable position to capture meaningful near‑ and long‑term value while maintaining upside through potential royalty or carry interests. Its partnership with Green Harbor validates the quality of its assets, strengthens financing and execution capabilities, and supports expansion across its global pipeline.
In the month of January alone, its stock has risen more than 20 per cent.
Combined with accelerating demand from data centres, electrification, and hybrid power systems, NU E offers exposure to structurally advantaged markets and a globally diversified strategy that enables capital to be allocated to the highest‑return opportunities—creating a compelling case for further investor diligence.
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