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Solar Stock News: UGE (TSXV: UGE) Community Solar Project in Norway, Maine Achieves 'Notice To Proceed' Milestone

 

New York, New York - June 23, 2022 (Newsfile Corp.) (Investorideas.com Newswire) UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in the commercial and community solar sector, has reached the Notice to Proceed milestone for its community solar project in Norway, Maine.

The one megawatt ground-mount project will be built atop a capped landfill and will generate enough electricity to offset nearly 1,500 tons of carbon dioxide each year, while reducing energy costs for the town and local businesses.

UGE worked with the Town of Norway and Center for an Ecology-Based Economy (CEBE), a non-profit grassroots environmental organization in Norway, to develop the project. As the project host, the Town of Norway will earn long-term lease revenue on the land where the project will be built, in addition to saving on energy costs.

"As a Mainer, I know firsthand that rising energy prices are challenging the budgets of towns and businesses across the state. Our communities are looking for ways to reduce their bills while supporting our transition to 100% renewable power by 2050 - and UGE is playing a significant role," said Tyler Adkins, UGE's Chief Revenue Officer. "In addition to the Norway Community Solar Farm, UGE is currently developing 12 other community solar projects in Maine totaling 25 megawatts. We believe the partnership between UGE, CEBE, and the town of Norway will serve as an example to the stakeholders of these 12 projects and others in our pipeline of how to engage Maine's communities as the state transitions to clean energy. We further believe that our considerations for best practices in land use and the long term financial benefits to towns and businesses demonstrates how all stakeholders can benefit from UGE's extensive record of community solar development and operation."

Enrollment in the Norway Community Solar Farm is now open. Towns and businesses in the Central Maine Power utility territory are eligible to subscribe. You can learn more and enroll here.

UGE has had the project appraised by an independent third party at a value of $2.62 per Watt. Once operational the project is estimated to produce in excess of $200,000 in revenue in its first year of operation, with a total facility lifetime of up to 40 years.

About UGE

UGE develops, owns, and operates commercial and community solar projects in the US and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost. With over 500MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.

For more information, contact UGE at:
+1 917 720 5685
investors@ugei.com

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward-looking statements include, but are not limited to, the anticipated use of proceeds, and the receipt of final regulatory approvals, including the approval of the TSX Venture Exchange. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

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