Toronto, Ontario–(Newsfile Corp. – January 16, 2024) – UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the “Company” or “UGE”), a leader in commercial and community solar, announces milestones and business updates for the fourth quarter ending December 31, 2023.
Four New Projects Energized
During the quarter, UGE reached commercial operation on its 1MW project in Norway, Maine. The Company also completed construction and received Permission to Operate (“PTO”) for three more projects which together total 1.8MW. All three projects began generating electricity before the end of the fourth quarter. On January 11, 2024, the Company announced that it had reached official commercial operation for one of these three projects – a 457kW rooftop in Peekskill, New York. The other two are expected to achieve commercial operation in the near future.
UGE has had all four projects appraised by an independent third party. Together the projects are valued at a total of USD$8.7 Million or $3.09/W.
With the addition of the Norway and Peekskill projects, UGE’s operating portfolio now totals 5.3MW as of January 11, 2024 and will reach 6.6MW once the remaining two projects achieve commercial operation.
*Does not include the 457kW Peekskill Project, which was officially added to the portfolio in Q1 2024.
10.3MW of Projects Begin Construction
In the fourth quarter, five of UGE’s projects totaling 10.3MW reached the mobilization stage of deployment, which marks the official start of construction. All are currently scheduled to reach commercial operation in 2024. Among these projects are UGE’s first in Maryland and Oregon. At 3.5MW, the Oregon project will also be UGE’s largest asset when it joins the Company’s operating portfolio.
Development Complete for 1.4MW Texas Project
UGE’s second project in Smithville, Texas, a 1.4MW ground-mount, reached the final stage of development – Limited Notice to Proceed (“LNTP”). The LNTP milestone indicates that UGE has received a signed interconnection agreement from the utility, all non-discretionary permits, an executed lease, an executed power purchase agreement (“PPA”) (if applicable), or acceptance into the Community Solar program (if applicable). Notice to Proceed (“NTP”) on the project is expected to occur in the coming weeks, with mobilization in the coming months.
Project Financing and Green Bond Placements Close
During the fourth quarter, UGE closed on construction and term financing for three projects in New York, Maine, and Oregon.
The Company also closed two private placements of 9% secured debentures of the Company (“Green Bonds”). The first closed on November 17, 2023 for aggregate gross proceeds of CAD$ 1,538,050 and USD$74,100. The second closed on December 22, 2023 for aggregate gross proceeds of USD$518,700. Net proceeds from the private placement will be utilized for the development of UGE’s solar and energy storage projects.
About UGE
UGE develops, owns, and operates community and commercial solar & battery storage projects. Our distributed energy solutions provide cheaper, cleaner energy to businesses and households throughout the United States. With over 500 megawatts of project experience, we’re working daily to make renewable energy accessible and affordable for all. Visit us at www.ugei.com.
For more information, contact UGE at: [email protected] or +1 (917) 720-5685.
Forward-Looking Statements
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. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, including project backlog, 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 forward-looking information involves material assumptions and known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such assumptions, risks and uncertainties include, without limitation, those associated with loss of markets, expected sales, future revenue recognition, the ability to secure appropriate sites, the effect of global and regional economic conditions, equipment supply and pricing, changes in electricity prices, delays and over runs in construction, delays in or inability to obtain permits, changes in laws and regulations and changes in how they are interpreted and enforced, changes in tax policies and incentive programs, the lack of qualified personnel or management, fluctuations in foreign exchange or interest rates, demand for the Company’s services, and availability of capital and funding. The forward-looking information is made as of the date of this news release and 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 securities law.
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