UGE Continues Community Solar Acceleration with new Projects in Westchester, NY
New York, New York--(Newsfile Corp. - March 30, 2021) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in commercial and community solar energy solutions, is pleased to announce that it has signed agreements to develop, build, own, and operate a rooftop community solar project in Peekskill, New York.
UGE was an early leader in the greater New York City solar market, with experience dating back to 2010. This new project is one of a growing number of community solar projects in the region developed by UGE. Community solar programs allow energy users within the same region to purchase energy credits from a solar system, offsetting their energy costs otherwise paid to their utility. In doing so, energy users save money, and the environment.
"With community solar set to accelerate rapidly under the Biden administration, UGE's proven track record in New York community solar will be vital to transforming the energy landscape," said Nick Blitterswyk, CEO. "We expect that within a decade, most New Yorkers will pay their utility bill to a solar company, and we're excited to be a part of this massive movement towards cleaner, cheaper energy."
In addition to this newly signed project, in nearby Tuckahoe, NY, UGE reached the Substantial Completion milestone on another project's first building, with the remaining buildings that make up the project close behind. The Tuckahoe solar project is being completed in partnership with a housing authority, in which the complex will receive an annual lease payment for hosting the system, while also lowering its energy bills, a 'win-win' for all parties involved.
The new Westchester project adds approximately USD$2.3 million to UGE's project backlog. Once operational it is expected to generate recurring revenue of USD$0.25 million per year. Since the Company's most recently released quarter, which ended September 30, 2020, UGE has announced over USD$33 million of additional project backlog. UGE will release its 2020 full year results in late April.
Interested consumers can visit www.ugei.com/community-solar-marketplace to view current opportunities to sign up to receive solar energy in the states UGE services.
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 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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