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UGE (TSXV:UGE) brings solar power to Maine schools
  • Solar energy provider, UGE International (UGE) has signed agreements to build another two community solar projects in Maine, USA
  • The projects will allow Maine’s residents to subscribe to solar energy systems, which are more affordable than grid rates
  • UGE’s two new projects are worth approximately C$28.2 million and should be deployed over the next two years
  • The company intends to capitalise on recent changes in Maine’s public policy, which will be favourable to large-scale solar projects
  • UGE International (UGE) is up 20.97 per cent and is currently trading for 75 cents per share

Solar energy provider, UGE International (UGE) has signed agreements to build another two community solar projects in Maine, USA.

The two projects will produce a combined total of 11.8 megawatts of solar capacity, with one in each of Maine’s two utility territories. The smaller, 5.6 megawatt site is a brownfield project, located at the site of a contaminated industrial property.

The two projects will allow Maine’s residents to subscribe to solar energy systems, which are more affordable than the community’s grid rates. UGE has estimated that the projects have a combined value of approximately C$28.2 million, and should be deployed over the next two years.

The company has been particularly busy in Maine this year, having signed agreements to build multiple community-scale solar projects there. These have included contracts for the state’s solar metering program, projects in Corinth, Monson, and Bangor, and rooftop panels in Maine schools.

UGE’s Director of New Markets, Tyler Adkins, said that Maine’s rapid evolution of public policy this year has created a favourable environment for community-scale solar projects.

“Specifically, recent legislative action has unlocked enormous opportunities for UGE to provide cheaper, cleaner energy for Mainers across the state.

“2020 continues to be a banner year for UGE’s development team, as we continue to expand across the Northeast US. 

“Each new project builds upon UGE’s record year, further adding to our deployment expectations for 2021 and beyond,” he said.

UGE International (UGE) is up 20.97 per cent and is trading at 75 cents per share at 12:28pm EDT.


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