- UGE International (UGE) announced plans to develop three new community solar projects in the metro New York City region
- UGE will own and operate all three rooftop projects, totaling 3MW
- New York State’s solar incentive program NY-Sun, will further strengthen the value of these projects
- UGE develops, owns, and operates commercial and community solar projects in the US and strategic markets abroad
- UGE International Ltd. (UGE) was up 6.80 per cent, trading at C$1.10 per share as of 12:12 pm ET
UGE International (UGE) announced plans to develop three new community solar projects in the metro New York City region.
UGE will own and operate all three rooftop projects, totaling 3MW. The electricity generated will provide local businesses and households with cleaner, cheaper electricity through community solar subscription agreements.
New York State’s solar incentive program NY-Sun, will further strengthen the value of these projects. The incentive aims to support the state’s goal of achieving 10GW of distributed solar electricity generation. Its enough to power 700,000 NY homes with focus on low and moderate income communities.
Through the expansion of NY-Sun, $1.5 billion in ratepayer-funded incentives will be invested in distributed solar. This public investment is projected to catalyze an additional $4.4 billion in private investment. For community solar developers like UGE, this combined $5.9 billion investment in the sector will allow for the expedited development of more solar projects across the state.
Mateo Chaskel, the Managing Director of UGE USA commented on the announcement.
“UGE continues to expand our capacity in New York, incorporating additional benefits to the community that the updated NY-Sun program offers. Our projects will have specific percentages allocated to low and moderate income offtakers, offering the benefits of low solar costs to a group of consumers who have historically found solar to be unaffordable.”
UGE has significant experience in New York. It has projects currently in development, construction, and operation that benefit small businesses, large corporations, and residential energy users from all walks of life.
The company develops, owns, and operates commercial and community solar projects in the US and strategic markets abroad. Its distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost.
UGE International Ltd. (UGE) was up 6.80 per cent, trading at C$1.10 per share as of 12:12 pm ET.
