Mr. Broderick Gunning reports

NU E POWER CORP. ENTERS LOI TO SELL 503.5 MW ALBERTA SOLAR & STORAGE PORTFOLIO, MARKING FIRST ASSET MONETIZATION MILESTONE

NU E Power Corp. has entered into a letter of intent (LOI) with Green Harbor Partners Corp. relating to the proposed acquisition and strategic development of the Lethbridge Two, Lethbridge Three and Hanna solar projects in Alberta, representing a combined 503.5 megawatts (MW) alternating current (AC) of utility-scale solar generation with integrated battery energy storage systems (BESS):

• Green Harbor Partners (formerly known as Sprott Korea) is a Korean private equity investment firm.
• Green Harbor is a Korea-based renewable energy and infrastructure private equity firm managing and advising over 2.5 gigawatts (GW) of global solar and wind assets.
• NU E will retain the option to maintain a royalty interest in the project.

The LOI contemplates the acquisition of all equity interests in the Lethbridge Two, Lethbridge Three and Hanna solar projects, subject to customary development milestones, financing conditions and regulatory approvals. Importantly, the structure is designed to allow NU E to retain a meaningful continuing economic interest, including the potential for a long-term royalty or carry, aligning NU E with asset performance while enabling capital recycling.

NU E's total invested capital to date in these projects totals approximately $2.6-million (U.S.) or $5,150 (U.S.) per MW. Under the terms of the LOI, NU E expects to realize $50,000 (U.S.) to $150,000 (U.S.) per MW under currently met LOI conditions. Maximum potential compensation under the terms at shovel ready is $395,000 (U.S.) to $700,000 (U.S.) per MW.

A defining milestone in NU E's evolution as a power developer

This transaction represents a defining milestone for NU E as it formally transitions into a power developer with its first planned project sale to an end-buyer, while maintaining strategic exposure to long-duration value creation. To date, NU E has invested approximately $3.6-million (Canadian) of its own capital into the advancement of these Alberta projects, underscoring its role as a capital-at-risk developer, not a passive aggregator.

With Alberta interconnection processes advancing, and permitting, environmental and feasibility programs under way, the portfolio is positioned to meet the requirements of institutional buyers seeking late-stage, derisked renewable and hybrid power assets.

Strategic alignment with institutional-grade global partners

Green Harbor Partners, a Korea-based private equity and asset management firm specializing in renewable energy and infrastructure, brings significant institutional credibility and global execution experience to the transaction. Founded in 2012 (formerly Sprott Korea), Green Harbor manages and advises on more than 2.5 GW of power generation assets globally, with completed investments spanning solar and onshore wind portfolios in the United States, Mexico, Chile and Sweden, and other OECD markets.

The LOI also establishes the foundation for a long-term strategic partnership between NU E and Green Harbor focused on the development, financing and operation of large-scale renewable and hybrid power assets, beginning in Alberta and extending internationally.

In parallel, NU E has entered into a strategic collaboration with Green Harbor. This partnership is intended to support the delivery, financing co-ordination and long-term institutional alignment of solar and energy storage projects across NU E's broader global pipeline, including Latin America, Asia, Europe and Africa.

Transaction critical path and milestones:

• The LOI is structured across multiple phases, with the first phase having been met with AESO interconnection approval, unlocking the $50,000 (U.S.) to $150,000 (U.S.) per MW. Tier 2 will be met upon securing 70-per-cent PPA coverage for the project, at which point NU E's consideration would increase to $158,000 (U.S.) to $395,000 (U.S.) per MW. At shovel ready, NU E's consideration would again increase to $395,000 (U.S.) to $700,000 (U.S.).
• NU E may liquidate the asset at any stage described above for the listed consideration.
• Upon signing of the final purchase agreement, NU E will receive the first 10 per cent of achieved consideration. Full fulfilment of all conditions for closing will release another 50 per cent of proceeds. Another 30 per cent is released until notice to proceed and the final 10 per cent will be released upon commercial operation.

Jay Lee, chief executive officer, Green Harbor Partners:

"Green Harbor is pleased to announce the formation of a highly strategic partnership with NU E. This marks an important initial step in our evaluation and participation in the Alberta energy market, with a broader view toward opportunities across Canada. We believe NU E's disciplined approach to energy development, infrastructure and market execution aligns well with our long-term objectives. As this relationship evolves, we also see compelling potential to collaborate with NU E on select international opportunities, including Latin America, Southeast Asia, the Middle East and North Africa."

Broderick Gunning, CEO, NU E Power:

"This LOI represents a pivotal moment for NU E. We have invested significant capital to advance these projects to institutional standards and this marks the first planned monetization of a NU E-developed asset. Our approach is not simply to sell projects, but to structure transactions that preserve long-term participation through royalties or carried interests where appropriate. Green Harbor's interest validates both the quality of the assets and our strategy of building a scalable, globally relevant power development platform."

This LOI marks the first step in NU E's asset-level monetization strategy, with the objective of recycling capital, retaining long-term economic participation, and scaling a repeatable power development platform aligned with institutional investors and global infrastructure partners.

About NU E Power Corp.

NU E is a multistage power developer that converts land and grid access into institutional-grade energy assets. NU E develops next-generation power sites for the digital and global power economies. Combining renewables, grid, gas, nuclear and battery storage, NU E delivers scalable, reliable and optimized energy sites across the world.

We seek Safe Harbor.