Toronto, Ontario–(Newsfile Corp. – October 5, 2022) – UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the “Company” or “UGE”), a leader in the commercial and community solar sector, announces that it has acquired a 3.5MW ground-mounted community solar project in Polk County, Oregon, the Company’s first project in the state. Limited construction will begin on the project before the end of the year, with commercial operation expected in the first quarter of 2024.
Oregon’s legislature established a community solar program in 2019, making the state an early adopter of shared solar. This year the Oregon Community Solar Program opened its second tier, adding more than 98MW of capacity. In addition to pursuing further acquisition opportunities, UGE plans to add additional backlog in the Oregon market via organic origination activities.
The Oregon acquisition is among several recent initiatives that UGE has made in expanding its acquisition of solar and battery energy storage system (BESS) projects across the United States. Earlier in the year, the Company announced it was acquiring two rooftop solar projects in Arizona which total over 1MW. The Company is also under exclusivity for projects in other strategic states, which it hopes to finalize in the coming months.
In September UGE also closed a USD$15 million credit line to be used for acquisitions and development expenses. The first draw against the credit line was used to fund the Oregon acquisition. The credit line allows for draws and repayments without associated fees. The Company intends to use the credit line for shorter term acquisition- and development-related expenses.
UGE’s acquisition efforts strengthen the Company’s asset growth and diversification strategy as it scales its operating portfolio. By securing projects at various development stages, across different state and utility territories, and while leveraging both solar PV and BESS technologies, UGE is able to scale more quickly while mitigating risk from political or regulatory changes.
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.