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New York Commits to Achieving Ten Gigawatts of Distributed Solar by 2030, Adds Momentum in UGE International’s Key Market

UGE, a leader in community and commercial solar, commends the recent expansion of NY-Sun, New York’s pioneering solar program. Announced by Governor Kathy Hochul on April 14, the initiative provides the framework needed for the state to achieve at least ten gigawatts of distributed solar by 2030, enough to power roughly 700,000 homes.

UGE has significant experience in the New York state market, with projects currently in development, construction, and operation that benefit small businesses, large corporations, and residential energy users from all walks of life. Already home of the largest community solar program in the country, New York’s NY-Sun expansion will further boost the sector, helping to improve access to clean energy for all New Yorkers.

Through the expansion of the NY-Sun program, $1.5 billion in ratepayer-funded incentives will be invested in distributed solar. This public investment is projected to catalyze an additional $4.4 billion in private investment. For community solar developers like UGE, this combined $5.9 billion in investment in the sector will allow for the expedited development of more solar projects across the state.

In addition to serving as a significant boost to New York’s community solar sector, the approved framework will strengthen the state’s commitment to achieving a just and equitable transition to renewable energy. The program stipulates that at least 35% of the program’s benefits will be allocated for low-to-middle (LMI) income communities, working out to approximately 1,600 megawatts developed to serve vulnerable New Yorkers. Among UGE’s projects in New York is an LMI housing authority, which directly benefited from the focus of the NY-Sun program into such communities.

Not to be overlooked, the approved investment in the solar industry will also create at least 6,000 new family-sustaining jobs and will inject billions of dollars into New York’s economy.

Last Friday’s announcement specifically targeted 1GW of new solar development within New York City, Westchester County, and Long Island. As a New York City-based company, UGE International looks forward to continuing to be a leader in development of clean, affordable energy for the largest metropolitan region in the country.

New York’s full announcement can be found here:
Link to announcement

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 500MW 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

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, 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. Forward-looking statements include, but are not limited to, the anticipated use of proceeds, and the receipt of final regulatory approvals, including the approval of the TSX Venture Exchange. 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.

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