Independent Third Party Values Project at USD$1.4 Million or USD$2.98/Watt
Toronto, Ontario–(Newsfile Corp. – January 11, 2024) – UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the “Company” or “UGE”), a leader in commercial and community solar, announces that it has reached commercial operation on its 457-kilowatt rooftop community solar project in Peekskill, New York.
UGE’s latest community solar project sits atop Spare Cube, a self-storage facility in Peekskill, NY, and is UGE’s second community solar asset in Peekskill (the first towards the end of 2021). 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 , 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 (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.
Subscriber acquisition and management for the Spare Cube project is handled by Ampion.
“Ampion is proud to bring community solar subscriptions and electricity savings to underserved New York City area residents,” said Nate Owen, Ampion CEO. “We are thrilled to have supported UGE with subscriber acquisition for this innovative rooftop project, and we look forward to managing the subscriptions throughout the lifecycle of the project.”
UGE had the Spare Cube project appraised by a third party for a fair market value of USD$2.98/watt, with a project total of USD$1.4 million. UGE will receive a grant through New York State Energy Research and Development Authority (NYSERDA)’s Clean Energy Communities program, which is designed to help incentivize, among other clean energy priorities, the development of community solar programs and specifically those which serve LMI communities. UGE’s grant is expected to total USD $228,500.
Each year the Spare Cube project will offset roughly 600 metric tons of CO2, the equivalent produced by burning over 66,000 gallons of gasoline. With the completion of this project, UGE’s operating portfolio now stands at 5.3MW, with an additional 17.7MW of projects currently in the deployment and construction phase of development.
Correction: Green Bond Private Placement Broker Commission
The press release issued by UGE on December 22, 2023 titled UGE Announces Closing of US$518,700 Private Placement of Green Bonds stated that a cash commission equal to US$24,073 and 17,963 warrants were issued. The following indicates the corrected broker commission amounts:
As compensation in connection with the Private Placement, the Company paid, in respect of certain subscribers under the Private Placement, to authorized placements Agents (collectively, the “Brokers“) on the closing date of the Private Placement a cash commission equal to US$22,743, and 12,097 warrants of the Company (the “Broker Warrants“), represented by one or more certificates, each Broker Warrant being exercisable for a period of 24 months to acquire one Common share of the Company at an exercise price of CDN$0.94.
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.
Ampion provides turnkey subscription and revenue management solutions for renewable energy developers nationwide, simplifying the complex world of distributed generation. From prospect to payment, we maximize investor returns in a holistic way, optimizing revenue with a team and customer management platform purpose-built for community distributed generation. We make our clients’ projects more predictable and more profitable, with better data insights, happier subscribers, and less risk. Learn more at ampion.net.
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.