Toronto, Ontario–(Newsfile Corp. – March 6, 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 457kW rooftop community solar project in Peekskill, NY. Notice to Proceed indicates that financing for the project has closed, and all necessary permits and interconnection approvals for the project are in place.
UGE’s latest project will be built atop Spare Cube, a self-storage facility in Peekskill, NY, and is UGE’s second community solar asset in Peekskill (the first reached commercial operation towards the end of last year). With large footprints and flat roofs, self-storage facilities make for ideal rooftop solar sites, while the addition of solar allows self-storage owners to maximize their assets by earning lease revenue from their rooftops in addition to income from storage units.
As part of an ongoing partnership announced in November 2021, wireless provider T-Mobile will serve as the project’s anchor energy off-taker, supporting T-Mobile’s commitment to power its business using 100% renewable energy. UGE will reserve 50% of the project’s energy output for Low- to Moderate-Income subscribers, allowing these households and businesses to save upwards of 10% on their electricity costs.
Construction on the project is set to begin in the early spring, with commercial operation anticipated for early fall of this year. With this project, UGE has reached NTP on 833kW of projects and commercial operation on 1,432kW of projects so far this year.
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.