NU E Power Corp. has signed a non-binding letter of intent with Proteus Power Developments LLC to acquire 100% of the Hays project, combining 145 MWac of solar generation and a battery storage system in Alberta.

NU E Power Corp.Proteus Power Developments LLCCountries CanadaNU E Power Corp. (CSE: NUE) (OTC Pink: NUEPF) (FSE: NUE1) announced the signing of a non-binding letter of intent with Proteus Power Developments LLC regarding the proposed acquisition of all issued and outstanding shares of three Alberta project companies. Those companies hold the development rights and assets relating to approximately 145 megawatts alternating current (MWac) of solar generation, along with a proposed 61.5 MW / 123 MWh battery energy storage system, grouped under the name Hays Project, located in southern Alberta. The move fits within a broader wave of solar portfolio consolidation across North America, echoing the acquisition of the 200 MW Lumberton solar project in Texas. If completed, the acquisition would give NU E Power Corp. a 100% interest in the Hays Project, its first wholly owned project interest and the first to combine solar generation and battery storage in a single configuration.

A portfolio currently shared through joint ventures

NU E Power Corp. originates power projects at an early stage and advances them through permitting, interconnection and contracting. The company's current Alberta interests are held through joint ventures: 25% in the case of Lethbridge One, and 50% in the case of Lethbridge Two, Lethbridge Three and Hanna. The Hays Project would instead be held outright, a model the company aims to replicate across the rest of its portfolio. The company's project portfolio currently totals 1,112.25 MW gross and 613.94 MW net working interest, as reported in its capacity update published on May 7, 2026. Completion of the proposed acquisition would increase the portfolio to approximately 1,258 MW gross and approximately 760 MW net. Because the Hays Project would be wholly owned, its gross capacity and the company's net working interest capacity in it would be identical. The proposed 61.5 MW / 123 MWh battery energy storage system is additional to these generation figures, in line with other developers pairing storage with generation, as seen where PowerX delays Power Base Hokkaido BESS production line to 2028.

A payment structure tied to project milestones

Subject to completion of due diligence and execution of a definitive share purchase agreement, the aggregate purchase price would be set at 50,000 Canadian dollars ($36,500) per MWac of final approved solar capacity, subject to customary adjustments. Based on the approximately 145 MWac contemplated as at the date of the letter of intent, the aggregate purchase price would reach approximately 7.25 million Canadian dollars ($5.29 million). The battery energy storage system is included in the purchase price, with no separate consideration payable for it. The cash payment at closing would be 100,000 Canadian dollars ($73,000), credited against the Notice to Proceed payment. Seventy percent of the purchase price, less the amount paid at closing, would become payable only upon achievement of Notice to Proceed — the point at which the project is permitted, has secured land rights and an executed interconnection agreement, and is capable of commencing construction. The remaining 30% would be payable only upon achievement of the Commercial Operation Date, as certified by an independent engineer confirming the project is energized, commissioned and capable of continuous commercial operation.

A transaction subject to several approvals

The letter of intent remains non-binding. With the exception of provisions relating to due diligence, interim conduct, exclusivity, public announcements, expenses, confidentiality, termination, governing law and certain miscellaneous matters, it is an expression of present intention only. No binding obligation to purchase or sell will arise unless and until the definitive share purchase agreement is negotiated, approved and executed by both parties, and there is no assurance that such an agreement will be reached or that the transaction will be completed. Completion depends notably on the conversion of the project's land options into long-term leases on terms satisfactory to NU E Power Corp., the settlement or termination of an existing third-party co-development arrangement, approval by the company's board of directors, and receipt of all required regulatory approvals. NU E Power Corp.'s President and Chief Executive Officer, Mr. Broderick Gunning, said the value in a power project is created between land acquisition and the start of construction, through permitting, land control, interconnection and contracting. According to him, the Hays Project would allow the company to hold that work outright rather than shared, with its capital following the de-risking of the project rather than preceding it.