- Solar energy provider, UGE International (TSXV:UGE) has signed three agreements to develop and build community solar projects in Maine
- The company will install the projects in the towns of Corinth and Monson, and the city of Bangor
- UGE’s three agreements have a collective value of approximately C$17.9 million and will be completed over the next 24 months
- In other news, the company will release its 2020 first quarter financial statements after market close today
- UGE International (UGE) is up 12.5 per cent and is currently trading at $0.27 per share
Solar energy provider, UGE International (TSXV:UGE) has signed three agreements to develop and build community solar projects in Maine.
The company will develop, build, and finance solar energy projects in the towns of Corinth and Monson, and the city of Bangor. UGE expects that the projects will have peak capacities of 4.7 million watts, 1.3 million watts, and 1.1 million watts, respectively.
Overall, the three agreements will add approximately C$17.9 million to the company’s project backlog.
UGE is developing the projects under Maine’s community solar framework. As a result, the state’s energy users will subscribe to buy energy from the projects at a discounted rate, in comparison to grid rates.
This arrangement will allow Maine’s subscribed energy users to save money while they also use a renewable, eco-friendly energy source.
These three projects will not be the first which UGE has worked on in Maine. The company is currently in construction on one of the state’s first community solar projects.
UGE intends to complete the development and installation of the three solar energy projects over the next 24 months.
In other news, UGE has announced that it will release its unaudited financial statements for 2020’s first quarter today. The company will do so after the market closes today.
In addition, UGE will host a live webinar at 2:00pm on June 1, 2020, to review the results. Members of the company’s management team will be available to answer questions after the presentation.
UGE International (UGE) is up 12.5 per cent and is currently trading at $0.27 per share at 1:28pm EDT.