UGE Announces US$21.5 Million in New Community Solar Projects in Maine
Toronto, Ontario--(Newsfile Corp. - September 16, 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 it has signed agreements to develop, build, and finance two additional community solar projects in Maine. The Company calculates the present value of the two projects at US$21.5 million, with margins in line with recent Company results, and expects to deploy the projects over the next 24 months.
The two projects total 11.8MW in combined solar capacity, with one in each of the two Maine utility territories. The smaller of the two sites, at 5.6MW, is a brownfield project, located at the site of a contaminated industrial property. UGE is developing the two new opportunities as community solar projects, which will provide residential energy users with the opportunity to subscribe to the energy the systems produce at rates below that available from the grid.
"Over the past year, Maine has seen a rapid evolution of public policy that is favorable for community-scale solar projects," said Tyler Adkins, UGE's Director of New Markets. "Specifically, recent legislative action has unlocked enormous opportunities for UGE to provide cheaper, cleaner energy for Mainers across the state. 2020 continues to be a banner year for UGE's development team, as we continue to expand across the Northeast US. Each new project builds upon UGE's record year, further adding to our deployment expectations for 2021 and beyond."
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 400MW 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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/63923