Independent Third-Party Values Project’s Fair Market Value at USD$1.2 Million or USD$3.20/Watt
Toronto, Ontario–(Newsfile Corp. – February 6, 2024) – UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the “Company” or “UGE”), a leader in commercial and community solar, announces that it has reached commercial operation on its 376kW rooftop community solar project in Queens, New York.
The project sits atop a 116,725 square foot modern warehouse on Conduit Avenue near John F. Kennedy International Airport, that is owned and developed by New York City-based real estate developer Wildflower Ltd LLC. This will be UGE’s fifth solar project completed with Wildflower, with another three currently under development.
“Our long-term partnership with UGE supports Wildflower’s mission to create innovative, sustainable and socially beneficial physical infrastructure in New York City,” said Adam Gordon, Managing Partner of Wildflower. “We are pleased to be bringing yet another community solar project to life with UGE.”
As part of an ongoing partnership announced in November 2021, wireless provider T-Mobile will serve as the project’s anchor energy off-taker, supporting T-Mobile’s commitment to power its business using 100% renewable energy. UGE will reserve 50% of the project’s energy output for Low- to Moderate-Income subscribers, allowing these households and businesses to save upwards of 10% on their electricity costs.
Subscriber acquisition and management for this and several other New York City-area project is handled by Ampion.
“Ampion is proud to work with UGE to bring the benefits of clean energy to New York residents,” said Nate Owen, Ampion CEO. “The Conduit rooftop solar site will provide meaningful electricity savings to New Yorkers who need them most. Underserved New York residents will now benefit from discounted clean energy. We look forward to providing a superlative subscriber experience and ensuring the successful performance of the project.”
UGE had the Queens project appraised by a third party for a fair market value of USD$3.20/watt, with a project total of USD$1.2 million. UGE will receive a grant through New York State Energy Research and Development Authority (NYSERDA)’s Clean Energy Communities program, which is designed to help incentivize, among other clean energy priorities, the development of community solar programs and specifically those which serve LMI communities. UGE’s grant is expected to total USD $185,000.
Each year the Queens project will offset more than 450 metric tons of CO2, the equivalent produced by burning over 50,000 gallons of gasoline. With the completion of this project, UGE’s operating portfolio now stands at 5.6MW, with an additional 17.7MW of projects currently in the construction and deployment phase of development.
About UGE
UGE develops, owns, and operates commercial and community solar and battery storage projects. 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:
Nick Blitterswyk – [email protected] or +1 917 720 5685.
About Wildflower
Wildflower creates innovative, sustainable and socially beneficial physical infrastructure in New York City by fusing design, entrepreneurship, and community engagement. Wildflower currently owns over 3 million square feet of real estate in the New York metro area.
About Ampion
Ampion provides turnkey subscription and revenue management solutions for renewable energy developers nationwide, simplifying the complex world of distributed generation. From prospect to payment, we maximize investor returns in a holistic way, optimizing revenue with a team and customer management platform purpose-built for community distributed generation. We make our clients’ projects more predictable and more profitable, with better data insights, happier subscribers, and less risk. Learn more at ampion.net.
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Forward-Looking Statements
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