- Solar energy provider UGE International (UGE) has secured three new community solar projects in New York City
- The company expects to finish development and construction of the projects in Queens and Staten Island in 2021
- UGE recently completed a project in Queens, and elected to sell another project in Staten Island for approximately C$916,000
- In related news, the company has also closed debt financing for its 260 kilowatt project in New York’s Westchester County
- UGE International is done 1.79 per cent and is trading for $1.65 per share
Solar energy provider UGE International (UGE) has secured three new community solar projects in New York City.
Two of the projects are for a real estate client on adjacent properties in Staten Island. The neighbouring projects are 375 kilowatts and 339 kilowatts in size, and worth approximately C$1.94 million in total backlog value.
UGE is currently in the early stages of discussions with the client, regarding possible additional projects in the future.
The third project is for a repeat customer within the real estate industry, and worth roughly C$2.09 million. The project will provide approximately 750 kilowatts of elevated solar canopies above a parking garage, for a building in Queens.
UGE expects to finish development and construction of the three new projects in 2021.
In related news, the company recently completed two projects in the same New York City boroughs as the new projects. The completed project in Queens, for a repeat customer, marked UGE’s third self-financed project in the US.
The second project was a 300 kilowatt facility in Staten Island, which the company has elected to sell. UGE decided to sell the project for approximately C$916,000, or roughly C$3.00 per watt.
In other news, UGE has also closed debt financing for its 260 kilowatt project in New York’s Westchester County. The loan for the project carries a 5.9 per cent interest rate during the operational period, with a seven-year term on a 20-year amortisation.
UGE International is done 1.79 per cent and is trading for $1.65 per share, as of 9:59am EST.