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UGE Achieves Notice to Proceed Milestone for 2.9MW Community Solar Project in Bangor, Maine

You are currently viewing UGE Achieves Notice to Proceed Milestone for 2.9MW Community Solar Project in Bangor, Maine

Independent Third-Party Values Project’s Fair Market Value at $9.2 Million

Toronto, Ontario–(Newsfile Corp. – March 29, 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 2.9-megawatt ground-mount solar project in Bangor, Maine. 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.

The project is UGE’s largest community solar project to-date. It will be built on a vacant field in the outskirts of Bangor, Maine owned by Grant Realty.

“As a resident of Bangor and a local business owner, I am glad that we have been able to help bring the economic and environmental benefits of solar to this community,” said Michael Longo, founder of Grant Realty.

Customer subscriptions for the project will be managed by Energywell, an energy technology company offering clean electricity and community solar products under its Think brand names. All energy produced by the projects will be used by local residents.

“We’re thrilled about our partnership with UGE in Maine,” said Michael Fallquist, CEO of Energywell. “UGE’s commitment to community solar growth is aligned with our mission to connect our existing residential customers with green, predictable, and energy savings products for years to come.”

The project in Bangor is among 18MW of solar projects UGE has under development in the state of Maine and follows two other NTPs announced earlier this month in Dover-Foxcroft and Veazie. With this project, UGE has reached NTP on 10MW of projects and commercial operation on 1.4MW of projects so far this year. Construction on the Bangor project is set to begin this spring.

UGE has had the project appraised by an independent third party at a value of $3.24 per watt, with the project’s total fair market value at $9.2 million. Once operational the project is estimated to produce an average of $626,402 in annual revenue, with a total facility lifetime of up to 35 years. The Company currently expects average recurring revenue to carry gross margins at or around 85%.

CORRECTION NOTICE: This post was updated on April 4, 2023 to correct the project’s total capacity, which is 2.9MW. In the original press release, the project’s capacity was listed incorrectly as 2.8MW. 

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. 

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 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. 

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