Toronto, Ontario–(Newsfile Corp. – May 2, 2024) – UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the “Company” or “UGE”), a leader in commercial and community solar, announces that it has signed a national service agreement with MaxSolar, a nation-wide renewable energy project operations & maintenance provider.
UGE, which had a decade of experience providing EPC (engineering, procurement, and construction) services, transformed into a full-lifecycle developer and IPP (independent power producer) starting in 2020. Since commencing the transition, UGE has built an operating portfolio of 12 projects totaling 6.6MW, with an additional nine projects totaling 18.6MW under construction. Inclusive of its projects under construction, UGE’s portfolio spans six states. The Company now has roughly 1GW of projects with site control in its development pipeline, with plans to scale its operating portfolio significantly in the coming years.
As UGE’s operating portfolio has begun to grow, with an expectation of 5X growth in 2024 alone, UGE recognized a need to enhance its portfolio operations and maintenance (O&M) strategy to ensure the optimal performance of all projects.
After a rigorous selection process, UGE has chosen MaxSolar to provide nationwide O&M services for its portfolio. MaxSolar will support UGE to ensure the long-term ROI of its renewable energy assets by providing preventative and corrective maintenance, system monitoring, emergency response services, and array cleaning.
MaxSolar has grown to become a leading national provider of Operations & Maintenance, Asset Management and Technical Services for commercial and community solar asset owners across the United States. The company currently operates and maintains a portfolio of projects encompassing over 550 assets and 450 MW of capacity, across 20 states and the District of Columbia. MaxSolar programs ensure that asset owners receive the maximum energy, environmental, and financial benefits from their renewable energy assets.
Looking ahead, MaxSolar expects continued growth in the coming years and is excited to expand its portfolio with additional assets across the U.S.
“The MaxSolar team is excited to be expanding our partnership with UGE,” said Peyton Boswell, Managing Director of MaxSolar, “and we welcome the opportunity to support UGE’s aggressive growth plans in the distributed solar & storage marketplace.”
“We look forward to a long and productive partnership with MaxSolar as we bring a growing number of projects to the communities we serve,” said Nick Blitterswyk, UGE’s Founder and CEO.
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: [email protected] or +1 (917) 720-5685.
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.
