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Solar Stock News: UGE (TSXV: UGE) Announces Commercial Operation of Two New Community Solar Projects in New York City, Partnering with T-Mobile and Common Energy

 

Toronto, Ontario - July 7, 2022 (Newsfile Corp.) (Investorideas.com Newswire) UGE International ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leading developer of community and commercial solar projects, is proud to announce the completion of two new community solar projects in Staten Island, New York. The projects, with a combined capacity of 723kW, have been tested and approved by ConEdison and are delivering clean energy to the electrical grid. T-Mobile will serve as an anchor for the projects and Common Energy is providing residential subscribers and management services.

Through New York State's expansive community solar program, solar projects are built on rooftops or fields. Electricity from these projects flows to the electric utility, replacing fossil fuels and lowering pollution and carbon emissions. Homeowners and businesses in the same utility zone can sign up to support the projects, and in exchange receive a monetary incentive each month that lowers their electricity bills.

60% of the generation from these projects is allocated to residential subscribers in the greater New York City area, and 40% of the generation is supported by T-Mobile, which has recently become the United States' first company in wireless to source 100% of its total electricity usage with renewable energy. The projects have been installed on two properties owned by Abingdon Square Partners, and generate additional rental income for the property owner.

"Our partnerships with Common Energy, T-Mobile and other leading businesses make it possible for us to continue developing community solar projects across the country," says Nick Blitterswyk, CEO of UGE. "We're working to bring community solar to as many families and businesses as possible, as swiftly as possible, so we can mitigate the worst effects of climate change and ensure that the renewable energy future is accessible and equitable."

"We're excited to partner with UGE on these innovative projects and to bring more clean energy to residents of New York," said Richard Keiser, CEO and founder of Common Energy. "As electricity prices across the country rise, participating in a community solar project is one of the few things a household or business can do to lower its energy costs."

"The future of our business depends on sustainable innovation across all fields of renewable energy, and T-Mobile understands that solar projects have a critical role to play as we work to continue shrinking our environmental footprint," said Chad Wilkerson, director of sustainability and infrastructure sourcing at T-Mobile. "We hope that collaborations like this will generate momentum and demand for even more community solar projects so that other organizations and local communities can benefit from the clean energy UGE is bringing to the grid."

The two projects are now operational and expected to generate an estimated annual recurring revenue of over USD$221,000 for UGE.

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: investors@ugei.com or +1 917 720 5685.

About Common Energy

Common Energy is a leading community solar provider that services distributed energy projects across the country. Common Energy's programs enable homeowners, renters, and businesses to save money on their electricity and support local clean energy, with their existing utility account. To join a community solar project, enroll at www.commonenergy.us. Developers with community solar portfolios please email partners@commonenergy.us.

About T Mobile

T-Mobile U.S. Inc. is America's supercharged Un-carrier, delivering an advanced 4G LTE and transformative nationwide 5G network that will offer reliable connectivity for all. T-Mobile's customers benefit from its unmatched combination of value and quality, unwavering obsession with offering them the best possible service experience and undisputable drive for disruption that creates competition and innovation in wireless and beyond. Based in Bellevue, Wash., T-Mobile provides services through its subsidiaries and operates its flagship brands, T-Mobile, Metro by T-Mobile and Sprint. For more information please visit: https://www.t-mobile.com.

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