NU E Power (NUE) 20th International Investment Forum (IIF) summary

Strategy and market

• Energy developer focused on securing low-cost sites, advancing them through zoning, permitting and servicing, then delivering power, typically within a 2–3-year development window.

• Targets heavy power users amid grid constraints and rising demand from data centers, mining, communications hubs and population growth; site selection combines market analysis with local political and community relationships.

• Technology-agnostic, with current work weighted toward natural gas, solar and battery storage; hybrid, behind-the-meter power solutions are a priority, while nuclear is under consideration for select sites.

• Develops power first rather than relying on utility supply; projects may serve data centers, manufacturers, utilities or communities depending on demand.

Portfolio and project updates

• Portfolio capacity cited at 613.94 MW; gross capacity across the portfolio cited at 1,112 MW.

• Alberta assets total 503.5 MW across Lethbridge Two (12.5 MW), Lethbridge Three (155 MW) and Hanna Solar (336 MW); Lethbridge One has 8.75 MW operating capacity, a 25% working interest and a PPA with Lethbridge Electric Utility.

• Lethbridge One has operated since December 2024 and generates about CAD 500,000 in annual revenue; some projects are expected to reach construction readiness later in 2027 or 2028.

• Regina site is 29.44 acres beside Bell Canada's announced data center; an LOI to acquire the site was signed in August, with a definitive agreement targeted in the following weeks and rezoning and utility interconnection preparation for 2027–2028.

• Mongolia project is undergoing environmental and feasibility work; options include permitting coal or expanding nuclear, with a preference expressed for the nuclear path and further market updates planned.

Development model and value creation

• Seeks to minimize capital deployed during development and realize value through project sale to infrastructure developers, staged equity sell-downs, or retaining a 5%–15% stake through construction and operations.

• Long-term retained interests can generate revenue from power sales over project lives typically spanning 15–25 years.

• Development learning emphasized securing an offtaker earlier, after site control and rezoning or permitting, and using stage gates to manage cash flow and demonstrate value.

• Detailed asset valuation work is planned across rezoning, permitting and offtake milestones, alongside project analyses of potential revenues; these materials form part of the upcoming 12-month plan.