UGE International has entered into an agreement to acquire all of the issued and outstanding equity shares of Endura Energy Project Corp., a Toronto-based renewable energy company.
“UGE is growing quickly in the commercial solar sector, both in North America and in key international markets,” said Nick Blitterswyk, CEO of UGE. “By combining our traditional strengths in sales, marketing, and project finance, with Endura’s strengths in engineering and project implementation, we are taking another significant step towards market leadership in this sector. On a combined basis we look forward to a profitable 2016 as we continue to experience high growth rates in this fast growing sector.”
UGE stated that it plans to leverage Endura’s project implementation platform to expand its capabilities and accelerate renewable energy project deployment in each of its key markets, which have traditionally included the US, Panama, Philippines, and China. With the acquisition, UGE will have a significant market share in Canada as well, as the country looks set to adopt more progressive clean energy goals.
Under the agreement, UGE will acquire all of the issued and outstanding common shares of Endura for CAD$1 million in cash on closing of the acquisition. It will also issue 8.8 million of its shares to the sellers. The cash portion of the acquisition is expected to be paid through senior bank debt.