UGE Signs Three Agreements, Including Largest US Project in Company's History
New York- UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in commercial and community solar energy solutions, is pleased to announce that it has signed three agreements to develop, build, and finance solar projects, including the Company's largest US project in its history.
First, UGE signed a 6.6MW project in Westchester, NY. The project, on a well-known corporate campus, will take advantage of New York's community solar program by feeding energy into the grid and providing energy credits to community solar subscribers at a discounted rate. The project is approximately 12-15 times the size of UGE's average project and, when completed, will produce power for an estimated 1,000 homes for the duration of the system's lifetime. UGE has also reserved the option with the utility to couple the solar system with battery storage, which would provide a further boost to project revenue and returns.
Second, UGE signed a nine-site portfolio in New York City for a repeat client. The 1.7MW project portfolio will lease the rooftops of the buildings on which UGE will install solar systems. The projects will utilize the same community solar subscription program as described above, offering New York City residents an opportunity to save on their energy bills through solar energy.
Third, UGE signed an agreement to develop, build, and finance a community solar project in Maine. The project is expected to have a rated capacity of 1.1MW and will feed its energy directly into the grid as part of the state's solar net metering framework. In the past six months, Maine has become a top community solar market and UGE has affirmed itself as a leading market participant, with a pipeline of opportunities throughout the state.
The three solar projects have a total rated capacity of 9.4MW, with an estimated present value of almost USD$20 million across the portfolios. The Company expects to complete the projects through the end of 2021 with gross margins in line with its current expectations for self-developed projects.
"UGE continues to see growing demand, even in the face of the sudden downturn in the economy," said UGE's CEO, Nick Blitterswyk. "Community solar allows real estate owners to boost revenue by receiving lease payments for their empty rooftops and open land, which is especially attractive during a time when their revenue may otherwise be decreasing."
For more information, contact: