UGE to Develop Three New Solar Projects in New York City
Project Values Strengthened By Updated New York State Solar Incentives
New York, New York--(Newsfile Corp. - June 6, 2022) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in the commercial and community solar sector, announces plans to develop three new community solar projects in the metro New York City region. All three rooftop projects, totalling 3MW, will be owned and operated by UGE. The electricity generated will provide local businesses and households with cleaner, cheaper electricity through community solar subscription agreements (see here for more information).
The value of these projects is further strengthened by the recently adopted updates to New York State's solar incentive program, NY-Sun. The New York incentives aim to support the state's goal of achieving 10GW of distributed solar electricity generation, enough to power 700,000 NY homes. Within the plan are specific focuses on low and moderate income communities, which are often best served by community solar.
Through the expansion of NY-Sun, $1.5 billion in ratepayer-funded incentives will be invested in distributed solar. This public investment is projected to catalyze an additional $4.4 billion in private investment. For community solar developers like UGE, this combined $5.9 billion in investment in the sector will allow for the expedited development of more solar projects across the state. UGE looks forward to continuing to grow on its experience in New York, including being one of the first developers operating in greater New York City.
"UGE continues to expand our capacity in New York, incorporating additional benefits to the community that the updated NY-Sun program offers," said Mateo Chaskel, UGE USA's Managing Director. "Our projects will have specific percentages allocated to low and moderate income offtakers, offering the benefits of low solar costs to a group of consumers who have historically found solar to be unaffordable."
UGE has significant experience in New York, with projects currently in development, construction, and operation that benefit small businesses, large corporations, and residential energy users from all walks of life. As a New York City-based company, UGE looks forward to continuing to be a leader in the development of clean, affordable energy for the largest metropolitan region in the country.
UGE develops, owns, and operates commercial and community solar projects in the US and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost. With over 500MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.
For more information, contact UGE at:
+1 917 720 5685
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward-looking statements include, but are not limited to, the anticipated use of proceeds, and the receipt of final regulatory approvals, including the approval of the TSX Venture Exchange. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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