UGE Closes 2020 by Securing 5.4MW DC Community Solar Project in Maine
New York, New York--(Newsfile Corp. - January 5, 2021) - UGE International Ltd. (TSXV: UGE) (the "Company" or "UGE"), a leader in commercial and community solar energy solutions, is pleased to announce that it has secured an additional community solar project located in Central Maine Power territory. The project, one of the Company's largest with rated capacity of 5.4MW DC, has an estimated net present value of USD$9.9 million. The Company aims to finish development and deployment of the project within approximately two years.
Maine was a strong growth market for the Company in 2020 as regulatory changes allowing community solar projects led to an expansion of activity in the state. UGE led the way, completing what the Company believes is Maine's first operational community solar project in Monson Phase I, a 156kW project built in 2020, while developing several additional projects for deployment in the coming quarters and years.
"Our latest project highlights the importance of market knowledge and site selection, located on underutilized space near the interstate highway and transmission corridor," said UGE CRO Tyler Adkins. "2021 will bring continued growth in Maine, and we plan to carry this momentum across the U.S. northeast, home to many of the country's established and emerging community solar markets."
Solar ITC Extension Finalized
The Company is also pleased with increasing support for the solar sector, including the recent U.S. Investment Tax Credit ("ITC") extension for solar projects, which has now been finalized. The two-year extension sees the tax credit for 2021 and 2022 increase to 26%, compared with 22% and 10%, respectively, prior to the extension.
"The ITC extension directly increases the value of our current project development backlog, while also expanding the addressable market for our offering," said UGE CEO Nick Blitterswyk. "Along with increasing support across the United States for community solar and expectations for additional support and initiatives from the Biden administration, our goals, backlog, and opportunities across the U.S. northeast continue to climb, as well."
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 UGE at:
+1 917 720 5685
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