UGE Closes Financing for Two Commercial Rooftop Projects in New Jersey
New York, New York--(Newsfile Corp. - October 23, 2019) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in solar energy solutions for the commercial and industrial sector, is pleased to announce that it has closed financing and commenced project deployment on two commercial rooftop projects in New Jersey that it will build to own.
The two projects in Montvale, New Jersey will provide clean, affordable energy to the buildings they serve over a 25-year project lifetime at rates lower than those available from the grid. The two buildings each host well known commercial tenants.
Together, the projects will generate approximately $135,000 in revenue for UGE in year one, and over $2.1 million in revenue over their lifetime. The projects are primarily funded by project-level debt provided by WunderCapital in the amount of approximately $700,000.
Procurement for both projects has commenced with site mobilization scheduled for November. Both projects are expected to reach commercial operation by the first quarter of 2020.
"As UGE continues to grow its US development business, we look forward to growing our portfolio of retained assets, as well," said UGE's CEO, Nick Blitterswyk. "Retaining ownership allows UGE to maintain significantly more project value, while boosting recurring revenue, as well. WunderCapital has been a great partner in these efforts."
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:
+1 917 720 5685
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