Toronto, Ontario–(Newsfile Corp. – March 13, 2023) – UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the “Company” or “UGE”), a leader in commercial and community solar, announces that it has reached the ‘Notice to Proceed’ (NTP) milestone for a 2.7MW ground-mount community solar project in Oakland, Maryland. The Notice to Proceed milestone indicates that financing for the project has closed, and all necessary permits and interconnection approvals for the project are in place. With this project, UGE has reached NTP on 3.5MW of projects and commercial operation on 1.4MW of projects so far this year.
This will be UGE’s first project to break ground in Maryland. UGE has an additional 10.6MW of projects currently under development in the state.
The project will be built at Lucas Landscaping and Turf Farm, which has been in business since 1980 and is the largest sod grower in Western Maryland. The solar project will occupy 20 acres of the 160-acre farm, which will continue operating.
“We are pleased to be diversifying our business, adding a solar farm to our existing turf farm,” said Adam Lucas, owner of Lucas Landscaping. “In addition to generating additional revenue for Lucas Landscaping, we are pleased that the solar farm will provide clean and affordable renewable energy to the Oakland community.”
The Lucas community solar project will join UGE’s Low-to-Moderate Income (LMI) program, meaning that at least 30% of the energy generated by the project will be reserved for LMI households. Strengthening renewable energy equity is one of UGE’s guiding goals; the Company’s stated target is for more than 25% of the off-take from its operational portfolio to serve LMI households by 2026.
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.
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 listing of the Green Debentures on 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.