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UGE International (TSXV:UGE) to develop new solar projects in New York
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  • UGE International (UGE) has expanded its operations with new solar projects in Westchester County, New York
  • The company will develop, build, own and operate a rooftop community solar project in the city of Peekskill
  • The project allows users to purchase energy credits from a solar system to offset their energy bills
  • The project adds approximately US$2.3 million to UGE's project backlog
  • UGE has also made significant progress on another project in Tuckahoe, New York in partnership with a housing authority
  • UGE develops, owns and operates commercial and community solar projects in the U.S. and strategic markets abroad
  • UGE International (UGE) is down 5.88 per cent and is currently trading at C$1.92 per share

UGE International (UGE) has expanded its operations with new solar projects in Westchester County, New York.

The company will develop, build, own and operate a rooftop community solar project in the city of Peekskill.

Community solar projects allow users to purchase energy credits from a solar system offsetting energy costs otherwise paid to their utilities.

The project adds approximately US$2.3 million to UGE's project backlog. Once operational, it is expected to generate recurring revenue of US$0.25 million per year.

Nick Blitterswyk, UGE's CEO, commented,

"With community solar set to accelerate rapidly under the Biden administration, UGE's proven track record in New York community solar will be vital to transforming the energy landscape.

We expect that, within a decade, most New Yorkers will pay their utility bill to a solar company, and we're excited to be a part of this massive movement towards cleaner, cheaper energy."

UGE has also substantially completed the first building for another project in Tuckahoe, New York. The project is a partnership with a housing authority where the complex receives an annual payment for hosting the system while also lowering its energy bills.

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

UGE International (UGE) is down 5.88 per cent and is currently trading at C$1.92 per share as of 3:16 pm ET.

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