New York, New York–(Newsfile Corp. – June 29, 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 closed a project debt and tax equity facility with Twain Financial (“Twain”) to finance six community solar projects in Maine.
The six projects range in size from 1.0MW DC to 3.0MW DC and participate in Maine’s community solar program. The first project is located in the Town of Norway, Maine and reached Notice to Proceed (“NTP”) last week. The remaining five projects are each expected to reach NTP throughout the remainder of 2022.
The facility includes both construction-to-term debt and tax equity, allowing UGE to efficiently execute on the deployment of this portfolio and others to come.
“We are pleased to be working with Twain on this portfolio and are excited to be scaling our operating portfolio,” said Brent Peterson, Managing Director of UGE Capital. “Twain’s ability to provide both debt and tax equity creates a cost-competitive and streamlined process that we look forward to replicating on future portfolios.”
Twain’s $25 million commitment is part of the specialty finance firm’s recent commitment to finance $1 billion worth of new renewable projects over the next three years.
“Twain is well-positioned to be a single source of capital, providing efficiencies for clients like UGE,” said Michael Park, Twain’s Director of Renewable Energy. “We are excited to collaborate with UGE, expediting clean energy projects here in Maine, and across the country.”
Community solar projects provide a great avenue for expanding the use of solar while lowering energy costs for both residential and commercial offtakers. UGE typically offers its subscribers a 10 percent discount off of utility rates, with no up-front fees or long-term commitment required. Interested parties can learn more and subscribe at www.ugei.com/subscribers/.
“UGE is committed to rapidly expanding the use of community solar to provide access to clean and affordable energy for the 80 percent of households that cannot install solar themselves,” said Mateo Chaskel, Managing Director of UGE USA. “The Department of Energy has committed to expanding community solar access eight-fold through 2025, and we look forward to deploying several additional portfolios across the U.S. in the months and years to come.”
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. Visit us at www.ugei.com.
For more information, contact UGE at:
+1 917 720 5685
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 receipt of final regulatory approvals, including the approval of 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.