New York, New York--(Newsfile Corp. - April 7, 2021) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in commercial and community solar energy solutions, is pleased to announce that it has signed agreements to develop, build, own, and operate two additional rooftop community solar projects in New York City, adding to its existing portfolio.
The two projects, located in Queens and Staten Island, will together add over 1MW of solar capacity to the ConEdison grid, with generated electricity sold to residents of New York City. Both solar projects are with new real estate clients that own multiple properties, leaving room for future portfolio expansion. Together these two projects add USD$1.9 million to UGE's project development backlog.
For both solar projects, roofing upgrades are being provided to the building owners as part of their compensation. Updating a building's roof is one of the most expensive capital improvements for real estate owners, but with UGE's end-to-end model, the cost can instead be worked into the solar project's economics.
"We know that many building owners put off roof replacements because of the upfront cost," said UGE USA's Managing Director, Mateo Chaskel. "By folding this into our solar offering, the revenue generated by the energy makes the roof replacement possible with zero upfront cost, while increasing the building's value, a win-win for owners."
Ultimately, both real estate owners will host community solar systems in exchange for roofing upgrades and annual lease payments over at least 25 years. In return, UGE will build, own, and operate the projects, providing cheaper, clean energy to subscribers throughout New York City.
Interested consumers can visit www.ugei.com/community-solar-marketplace to view current opportunities to sign up to receive solar energy in the areas where UGE has open projects.
About UGE
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 400MW 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
Forward-Looking Statements
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