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UGE International (TSXV:UGE) adds two community solar projects in NYC
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  • UGE International (UGE) has added two community solar projects to its portfolio in NYC
  • The company will develop, build, own and operate the projects in Queens and Staten Island
  • Together, they will add over 1 MW of solar capacity to the ConEdison grid
  • Building owners are hosting the solar projects in exchange for roofing upgrades and annual lease payments over at least 25 years
  • UGE develops, owns and operates commercial and community solar projects in the U.S. and strategic markets abroad
  • UGE International (UGE) is down 4.13 per cent and is currently trading at C$2.09 per share

UGE International (UGE) has added two community solar projects to its portfolio in NYC.

The company will develop, build, own and operate the projects in Queens and Staten Island. Together, they will add over 1 MW of solar capacity to the ConEdison grid.

Both solar projects involve new real estate clients that own multiple properties, leaving room for future portfolio expansion. The two projects add US$1.9 million to UGE's project development backlog.

The company is providing roofing upgrades to 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 be worked into the solar project's economics.

Both real estate owners will host community solar projects in exchange for roofing upgrades and annual lease payments over at least 25 years. 

Mateo Chaskel, UGE USA's Managing Director, commented, 

"We know that many building owners put off roof replacements because of the upfront cost. 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."

UGE develops, owns and operates commercial and community solar projects in the U.S. and strategic markets abroad. 

UGE International (UGE) is down 4.13 per cent and is currently trading at C$2.09 per share as of 1:12 pm ET.

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