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UGE Achieves Notice to Proceed Milestone for 847kW Rooftop Community Solar Project in Queens, New York

You are currently viewing UGE Achieves Notice to Proceed Milestone for 847kW Rooftop Community Solar Project in Queens, New York

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.

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, including project backlog, 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. The forward-looking information involves material assumptions and known and unknown risks and uncertainties, certain of which are beyond the Company’s control. Such assumptions, risks and uncertainties include, without limitation, those associated with loss of markets, expected sales, future revenue recognition, the ability to secure appropriate sites, the effect of global and regional economic conditions, equipment supply and pricing, changes in electricity prices, delays and over runs in construction, delays in or inability to obtain permits, changes in laws and regulations and changes in how they are interpreted and enforced, changes in tax policies and incentive programs, the lack of qualified personnel or management, fluctuations in foreign exchange or interest rates, demand for the Company’s services, and availability of capital and funding. The forward-looking information is made as of the date of this news release and 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 securities law.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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