Toronto, Ontario - October 11, 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, interconnected a 740kW rooftop community solar project in late September, with final commercial operation scheduled for later this week.
The project is located on the rooftop of a distribution center in Peekskill, New York owned by D. Bertoline & Sons, a family-owned beverage distributor established in 1933. D. Bertoline & Sons earns lease payments over a 25-year term in exchange for hosting the solar installation on its building.
"D. Bertoline & Sons is proud to serve as a community solar project host. We've turned our rooftop into a source of cleaner, cheaper electricity, and simultaneously a source of long-term lease revenue for our business," said Dominick Bertoline, President and Chairman of D. Bertoline & Sons.
Off-takers of the clean energy generated by the project includes T-Mobile, who, in addition to reducing the carbon footprint of their operations, are saving on electricity costs. As announced in 2021, UGE was selected by T-Mobile to provide clean community solar to offset the wireless provider's energy consumption.
This project joins UGE's growing portfolio of self-owned and operated community solar projects in the United States. The project is expected to generate annual recurring revenue of approximately $222,000 per year. Community solar is projected to be the fastest growing segment of the U.S. solar industry. UGE has community solar projects in development in most of the country's community solar markets.
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.
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 listing of the Green Debentures on 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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