Toronto, Ontario–(Newsfile Corp. – October 10, 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 its 3.5-megawatt community solar project in Polk County, Oregon. 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 Polk County project marks UGE’s first in the state of Oregon and is the Company’s largest project to reach the Notice to Proceed milestone since transitioning to an independent power producer (“IPP”) model.
At 3.5-megawatts, the project will produce enough electricity to power more than 800 homes each year. Over its lifetime, the project is expected to offset, at minimum, the equivalent CO₂ emissions produced by burning over 10 million gallons of gasoline.
Prominent national companies are subscribing to purchase energy from the project under long-term agreements and will account for approximately 40% of the energy generated. The remaining energy will be reserved for Low-to-Moderate Income (LMI) households and businesses, who will realize significant savings on their electricity costs for the next 20 years. 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. By assisting LMI households, UGE may also qualify for a larger investment tax credit.
Subscriptions for the project are being managed by Common Energy. “We are excited to continue to promote and support community solar projects across the state of Oregon,” said Richard Keiser, CEO of Common Energy. “These projects will generate savings for Oregon residents and lower emissions for the entire community.”
Oregon’s legislature established a community solar program in 2019, making the state an early adopter of shared solar. Oregon’s program includes regulations to protect the state’s most productive farmland. Adhering to these rules, the Polk County project is sited almost entirely on land with designated low-quality soil, which is less likely to be productive for agricultural use. In October 2022, UGE purchased the Polk County project from Oregon solar developer Conifer Energy Partners.
With this project, UGE has reached NTP on 18.1MW of projects and commercial operation on 1.4MW of projects so far this year. The 3.5MW Polk County project is set to reach commercial operation at the end of June 2024.
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 Common Energy
Common Energy is a leading community solar provider that services over 250MW of projects across the country. Common Energy’s programs enable homeowners, renters, and businesses to support clean energy, lower emission in their communities and save money on their electricity for free, with their existing utility account. Common Energy currently serves households in Illinois, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New York, Rhode Island, and Oregon. Residents of these states can enroll in a local community solar project for free at www.commonenergy.us Corporations interested in partnering with Common Energy can email [email protected].
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.
