- Solar energy provider, UGE International (TSXV:UGE), has signed a number of new agreements estimated to generate up to C$28 million
- UGE has sign a 6.6-megawatt project development plan with an undisclosed corporate campus in New York
- This is UGE’s biggest deal to date and is around 15 times larger than the company’s usual projects
- The company also signed two other community solar programs, which are expected to generate 2.8 megawatts collectively
- UGE International Limited (UGE) is up 41.18 per cent, with shares trading for $0.36 and a market cap of $8.56 million
Solar energy provider, UGE International (TSXV:UGE), has signed a number of new agreements estimated to generate C$28 million over the coming months.
The three deals are all US-based and two of them are from the company’s home-state of New York.
Firstly, UGE has signed a project development plan with an undisclosed corporate campus. The project will generate 6.6 megawatts, which will be fed directly back into the state’s grid.
This is the largest deal to date for the company, around 15 times the size of its usually projects. UGE estimates the electricity provided by the project could power up to 1,000 homes.
The second arrangement is with a rooftop leasing client. The client leases rooftop space, on which UGE plans to construct a 1.7-megawatt solar array. The resulting electricity can then be sold back to the client’s leasing partners at a discounted rate.
Thirdly, UGE signed a deal in Maine to develop, build and finance a series of solar panels to feed into the state’s solar metering program. The project is part of a community program and is expected to produce 1.1 megawatts.
UGE plans to complete all these projects before the end of 2021.
CEO of UGE, Nick Blitterswyk, appeared pleased with the new deals in the face of recent economic volatility.
“UGE continues to see growing demand, even in the face of the sudden downturn in the economy.
“Community solar allows real estate owners to boost revenue by receiving lease payments for their empty rooftops and open land, which is especially attractive during a time when their revenue may otherwise be decreasing,” he said.
UGE International Limited (UGE) is up 41.18 per cent, with shares trading for $0.36 at 12.04pm EST.
