The PennZone

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

• Integrated Maintenance Platforms Are Transforming Aircraft Operations
• T. Jones Group's Cameron Jones Serves as Judge for the 2026 CHBA National Awards for Housing Excellence
• The AI Direction Deficit: TripleTen Study Finds Staff Get Told to Use AI — But Not Trained to Use It
• Edwards & Virginia Business Systems Announces Leadership Appointments
• $29.8 Million Record Setting Q1 with Boosted Annual Guidance to $160 Million for Expanding Pre-Owned Boat Dealer: Off The Hook YS, Inc. N Y S E: OTH

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

• All About Technology Celebrates 25 Years of Bridging Detroit's Digital Divide
• iatroX surpasses 500,000 clinical queries and expands specialist exam coverage
• Inside-Out Hollywood: The Relentless Rise of Joseph Nybyk (AKA Joseph Neibich)
• SRK Collective Media Group Launches with a Modern Approach to Media, Authority Building, and Cultural Visibility
• MSBG Corporation Acquires GridWatch US Telemetry Automation System

"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

---

Show All News | Disclaimer | Report Violation