New York, NY, April 01, 2020 -- 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.
More on The PennZone
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.
More on The PennZone
"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."
About UGE International Ltd:
UGE delivers immediate savings to businesses through the low cost of solar energy. We help commercial and industrial clients become more competitive by providing low cost distributed renewable energy solutions at no upfront cost and maximum long-term benefit. With over 380 MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.
For more information, contact:
investors@ugei.com
917-720-5685
http://www.ugei.com
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.
More on The PennZone
- Pennsylvania: Gov. Wolf Takes Action to Address Law Enforcement Reform and Accountability
- First & Only Urine Test For Colon Polyps Expands Across The US
- Pennsylvania: Reopening Phase Orders Updated to Include 10 Additional Counties Moving to Yellow and 16 to Green on June 5
- Harrisburg Orthodontist Helping Teens Smile with Affordable Braces
- Dentures in Springfield Now Offered by DICE Dental
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.
More on The PennZone
- Home2 Suites by Hilton Atascadero, CA Opens
- National Lacrosse League Elects to Shift Attention to Next Season
- Cure SMA Announces New Funding For Network Of Prominent SMA Clinical Research And Treatment Centers
- Pennsylvania: Gov. Wolf: $50 Million in Grants Available to Support Fire and EMS Companies Negatively Affected by COVID-19
- NS4ed to Release Career-Focused Algebra and Geometry Curricula in Fall 2020
"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."
About UGE International Ltd:
UGE delivers immediate savings to businesses through the low cost of solar energy. We help commercial and industrial clients become more competitive by providing low cost distributed renewable energy solutions at no upfront cost and maximum long-term benefit. With over 380 MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.
For more information, contact:
investors@ugei.com
917-720-5685
http://www.ugei.com
0 Comments
Latest on The PennZone
- "Phasers on Stun" - A lesson from the Future
- Onlive Server Launched Hong Kong VPS Server Hosting with One-Click Installation
- Cyndi Walters Joins International Council on Active Aging Task Force to Lead Senior Living Transformation
- Can chiropractic care benefit the immune system?
- St. Vrain Valley School District's Award-Winning Charter School
- Exton Braces Helping Straighten Smiles for Teens and Adults
- InventHelp Inventors Develop Easy-To-Install Molding for Homes (TRO-243)
- Skills Training Group - Now Delivering First Aid Training
- Johnson Investment Counsel's Pandemic and Business Continuity Planning Enables Employees to Work Anywhere
- DICE Dental Offers Dental Implants in Springfield Starting at Only $250
- Boston Industrial Solutions, Inc. introduces Volta™ M150 1-color tabletop pad printer machine for tagless printing
- Canadian Supply Chain Software Firm Sees Strong Focus on Their Systems' Native Paperless Features Among Existing and Future Clients
- 2020 US Presidential Election - Will Trump get re-elected? - Vedic Astrology Analysis
- Author Marvin Terry Rucker announces the release of his autobiography, Snatched Out of the Hand of the Enemy; his unadulterated testimony
- St. Paul Organization Serving African American Men Reflects On Its Mission of Navigating Systemic Racism
- Pennsylvania: Gov. Wolf Signs Executive Order Extending Mail Ballot Deadline in Six Counties to June 9
- Pennsylvania: Gov. Wolf Amends Emergency Declaration to Add Erie, Delaware and Montgomery Counties for Assistance During Protests
- Award-Winning Short Film Aims To Promote Suicide Awareness And Prevention
- New Hampshire Company Offers Technology to Automate Social Distance Monitoring and Contact Tracing
- MGN Logistics, Inc. Announces stock purchases in Transportation and Logistics Systems, Inc