Toronto, Ontario--(Newsfile Corp. - July 16, 2024) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in commercial and community solar, announces that its 510kW rooftop community solar project in Staten Island, New York reached commercial operation and has begun generating electricity.
UGE's newest community solar project is built atop Expressway Plaza, a shopping center on Staten Island. At just over half a megawatt, the project will offset roughly 700 metric tons of CO2 emissions each year and will produce enough electricity to power approximately 140 homes.
Subscribers to the Expressway Plaza community solar project will save a minimum of 10% on their electricity bills. 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.
The Expressway Plaza community solar project will join UGE's Low-to-Moderate Income (LMI) program, meaning that at least 30% of the energy generated by the project will be reserved for LMI households. Strengthening renewable energy equity is one of UGE's guiding goals; the Company's stated target is for more than 25% of the off-take from its operational portfolio to serve LMI households by 2026.
Expressway Plaza is owned by Feldco, an East Coast-focused real estate developer.
"Feldco is a family-owned and operated business committed to sustainable construction and forging long-term relationships with the communities in which we operate," said Greg Feldman, Partner and Vice President at Feldco. "By becoming a community solar host with UGE, we are advancing those commitments by providing energy cost savings and a source of clean energy to the community surrounding Expressway Plaza."
Feldco will receive long-term lease payments in exchange for hosting the project. In addition, UGE covered the cost of a needed roof replacement on Expressway Plaza, ensuring the building remains structurally sound for the solar project's lifetime of at least 22 years.
With the completion of this project, UGE's operating portfolio now stands at 7.1MW. In addition to its operating portfolio, UGE has eight projects totaling 18.1MW in deployment and construction, the final phases of development.
UGE developed one of the very first rooftop community solar projects in New York City. Now, the project on Expressway Plaza is the tenth rooftop community solar project in metro New York City to join UGE's operating portfolio. In addition, UGE has another two rooftop community solar projects in New York City currently under construction, both of which are projected to reach commercial operation early this fall.
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.
For more information, contact UGE at: investors@ugei.com 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, 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.
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SOURCE: UGE International Ltd.
