Independent Third Party Values Project at USD$2.7 Million or USD$3.14/Watt
Toronto, Ontario–(Newsfile Corp. – April 17, 2024) – 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 847kW rooftop community solar project in Queens, New York. The NTP milestone indicates that financing for the project has closed and all necessary permits and interconnection approvals for the project are in place.
The project will be built atop a new 249,675-square-foot warehouse and parking facility in College Point, Queens that is developed and owned by New York City-based real estate developer Wildflower Ltd LLC. Once the project reaches commercial operation, it will be UGE’s sixth solar project completed with Wildflower, with a seventh under construction and an eighth in 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.”
Each year, the project will offset over 1,000 metric tons (roughly 2.5 million pounds) of CO2 emissions, the equivalent produced by burning nearly 125,000 gallons of gasoline. At 847kW it will produce enough electricity to power more than 200 homes.
UGE will reserve 50% of the project’s energy output for Low- to Moderate-Income (LMI) subscribers, allowing these households and businesses to save upwards of 10% on their electricity costs. As electricity rates continue to rise across the country, these savings become increasingly meaningful for Americans looking for ways to save money in today’s inflationary environment.
UGE had the College Point project appraised by a third party for a fair market value of USD$2.7 million or USD$3.14/watt.
Having reached NTP, the College Point project will now enter deployment and construction – the final phase before reaching commercial operation. UGE now has 9 projects totaling 18.6MW in this final development phase. Once complete, these projects will join UGE’s operating portfolio, which currently stands at 6.6MW. The College Point project is projected to reach commercial operation this summer.
About UGE
UGE develops, owns, and operates community and commercial solar & battery storage projects. Our distributed energy solutions provide cheaper, cleaner energy to businesses and households throughout the United States. With over 500 megawatts of project experience, we’re working daily to make renewable energy accessible and affordable for all. Visit us at www.ugei.com.
For more information, contact UGE at: investors@ugei.com 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.
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