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Calgary, Alberta--(Newsfile Corp. - January 30, 2025) - Nu E Power Corp. (the "Company") (CSE: NUE) (OTC Pink: NUEPF) is pleased to provide the following operations update at its Lethbridge One Solar farm.
LETHBRIDGE ONE SOLAR FARM
The Company is pleased to announce that the Lethbridge One Solar farm has been placed on commercial production. The project was the first under the agreement with Low Carbon Canada Solar Limited ("Low Carbon") with the Company retaining a 25% interest in the solar farm. The plant, an 8.75 Mwac (Gross) facility is expected to produce 15,841 Mwh/yr (gross) and generate carbon offsets of 8,237 tonnes (gross) annually based on photovoltaic estimates for the area and a Mwh to carbon tonne conversion factor of 0.52 tonne per Mwh.
The joint venture with Low Carbon includes a development portfolio of approximately 457 Mwac solar projects in southern Alberta with 157Mwac having received Alberta Utilities Commission approval for construction.
The solar farm was constructed using significant local content, including a Canadian designed racking system, locally fabricated and procured screw piles, local contractors constructed the roadways, fencing, O&M building and electrical systems, a 50% Indigenous labor content for general assembly, zero lost time incidents over 38,000 direct man-hours for the course of construction and the project was constructed on schedule and on budget for a total cost of $19 million
About Nu E Power Corp.
Nu E Power Corp. is a green energy company focused on the developing, construction, and operating clean and renewable energy infrastructure across North America. The Company has a partnership with Low Carbon Canada Solar Limited, a subsidiary of the UK based renewables major, Low Carbon Investment Management Ltd. To facilitate non-dilutive investment into the Company with the goal of developing up to 2GW of renewable energy projects in Canada by 2030.
Contact Information
John Newman, Chief Financial Officer
Email: john@nu-ecorp.com
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
This press release contains statements which constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" or similar expressions. Readers are cautioned that forward-looking information is not based on historical facts but instead reflects the Company's management's expectations, estimates or projections concerning the business of the Company's future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability to develop 2GW of renewable energy projects in Canada by 2030 including the 457Mwac of solar projects currently being developed, general economic, business and political conditions, including changes in the financial markets; decreases in the prevailing prices for products in the markets that the Company operates in; adverse changes in applicable laws or adverse changes in the application or enforcement of current laws; regulations and enforcement priorities of governmental authorities; compliance with government regulation and related costs; and other risks described in the Listing Statement of Nu E posted on SEDAR+. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.