Key Highlights
- NUE Power outlined efforts to convert a non-binding Alberta project sale letter into a definitive deal.
- The company presented benchmark comparisons implying about C$4.4 million upfront and C$20.4 million with milestones.
- NUE said it has invested about C$3.6 million to date in its 50% Alberta Energy Park interest.
NUE Power Corp. (CSE: NUE) (OTC Pink: NUEPF) (FSE: NUE1) told shareholders it is working to turn a non-binding letter of intent into a definitive agreement for the potential sale of its Alberta Energy Park solar projects, while also pursuing offtake discussions and a separate proposed acquisition in southern Alberta.
In a shareholder letter dated November 12, Chief Executive Officer Broderick Gunning also provided benchmark comparisons based on two publicly disclosed Alberta solar transactions, applying those prices to NUE’s 50% interest in the Lethbridge Two, Lethbridge Three and Hanna projects.
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Using those benchmarks, NUE said the implied upfront prices applied to its interest total about C$4.4 million. Including milestone payments—which the company noted may never be paid—NUE put the implied sale value at about C$20.4 million, which it described as about 2.4 times its market capitalization on November 6, 2026. NUE cautioned that the figures are comparisons only and “not an estimate of what our projects are worth or what we would receive if we sold them,” noting differences in stage, regulatory status, size and terms.
NUE said it has invested about C$3.6 million in the Alberta Energy Park projects to date. In notes accompanying the letter, the company described the three-project portfolio as 503.5 megawatts alternating current (MWac) gross across Lethbridge Two, Lethbridge Three and Hanna, with net capacity reflecting NUE’s 50% interest. The company said Lethbridge Two and Lethbridge Three have received Alberta Utilities Commission approval and are in the Alberta Electric System Operator Cluster 3 connection process, while Hanna is in pre-development and also in the Cluster 3 connection process.
On the potential sale process, NUE said the Alberta Energy Park advanced to a non-binding letter of intent for sale with Green Harbor Partners Corp. in January. It said its team is scheduled to be in South Korea on November 24 to advance discussions aimed at converting that letter of intent into a definitive agreement.
The letter also referenced other 2026 updates, including an August non-binding letter of intent to acquire the approximately 145 MWac Hays Project in southern Alberta, and an April joint development agreement with Tsegtskharaa LLC for the proposed Darkhan Energy Park in Mongolia, which the company said remains in environmental and feasibility studies.
NUE also said its 8.75 MWac Lethbridge One solar facility, in which it holds a 25% working interest, has been generating since January 2025.
The original press release is available on stockhouse.com
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