New York, New York--(Newsfile Corp. - March 9, 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 signed agreements for the development of solar projects in Maine and Maryland. Together, the projects are expected to have a total rated capacity of 9.0MW DC and a project backlog value of US$18.1 million.
The Maine community solar project builds on UGE's strength in the market, which saw the Company secure several agreements in the state over the past year. The most recent project is expected to have a rated capacity of 6.5MW DC and generate annual revenue of approximately US$1.1 million once operational. After building one client-financed project in Maine last year, UGE expects to commence construction on its first self-financed projects in the state this summer.
The Maryland community solar project is UGE's first in the state. Maryland is one of several states that have adopted community solar regulations in recent years, making it an attractive market for UGE's continued expansion. The 2.5MW DC project is expected to generate annual revenue in excess of US$0.5 million once operational.
"Community solar is growing rapidly in states looking to increase access to clean energy while lowering prices for consumers. We see significant opportunity to further expand throughout the northeast and mid-Atlantic US this year," said UGE CRO Tyler Adkins. "Our development team is evaluating a growing number of opportunities in new and existing markets, with a focus on earning strong returns while lowering energy costs for our subscribers."
The Maryland community solar program has a maximum per-project size of 2.0MW AC (or approximately 2.5MW DC), with a total program size of 418MW, of which 125MW is reserved for low and middle income ("LMI") customers. UGE sees the LMI segment of particular interest, as the Company works to achieve its broader ESG goals by providing clean, affordable energy to those that need it most.
About UGE
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
investors@ugei.com
Forward-Looking Statements
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