UGE Secures Second Community Solar Project in Maryland
New York, New York--(Newsfile Corp. - June 21, 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 secured its second community solar project in Maryland.
The western Maryland project will be located south of Oakland, near the border with West Virginia. With an expected rated capacity of 2.2MW DC, the ground-mounted solar facility will provide affordable energy to subscribers in Maryland through the state's community solar pilot program. The solar facility is expected to generate annual revenue of approximately US$0.4 million per year once operational.
"UGE has been investing in the people, processes, and tools that will allow us to achieve our goals for scale this year and beyond," said Mateo Chaskel, UGE USA's Managing Director. "Our projects in Maryland are taking advantage of such investments, leading to efficiencies and accelerating the pace of site acquisition and project development. Maryland is one of several attractive states for community solar in the region and we look forward to adding additional projects to our development backlog throughout the remainder of the year and beyond."
Meanwhile, UGE's first ground mounted community solar project in Maryland, announced in March 2021, continues to make progress toward interconnection approval and a 2022 commercial operation date. Upon completion, the 2.7MW DC solar facility is expected to generate annual revenue in excess of US$0.5 million.
Grant of Options
On June 17, 2021, the Company granted an aggregate of 374,500 stock options ("Options") to its employees in accordance with the Company's employee stock option plan. Each Option entitles the holder to acquire one common share of the Company at an exercise price of CAD$1.46 per share, the five-day VWAP immediately preceding the grant date. Of the grant, an aggregate of 228,000 Options was granted to senior executives of the Company.
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
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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