UGE Closes Financing for Two Community Solar Projects in New York
New York, New York--(Newsfile Corp. - April 2, 2020) - April 2, 2020 (Newsfile.com) - 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 community solar projects in New York, which the Company plans to build to own.
The two previously announced rooftop solar projects have a combined rated capacity of 500 kW and are located in Queens and Staten Island. Together, the projects are expected to generate approximately US$120,000 in revenue for UGE in year one, and over US$3.3 million over their lifetime. The projects are primarily funded by project-level debt in the amount of approximately US$0.5 million.
Procurement for both projects has commenced with site mobilization scheduled for Q2. Both projects are expected to reach commercial operation within 2020, further adding to UGE's base of recurring revenue.
The project funding is non-recourse to the parent company and carries interest rates of approximately 6.2%. In addition, the Company has received term sheets for project-level debt on an additional four New York-based community solar projects which it expects to close in due course.
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.
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