Company sells project for US$700K or ~$2.30/W, further strengthening balance sheet
Toronto, Ontario–(Newsfile Corp. – November 16, 2020) – UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the “Company” or “UGE”), a leader in the commercial and community solar sector, is pleased to announce the following project updates in the metro New York City region:
Three New Community Solar Wins
UGE has secured three new community solar projects in New York City:
- Two projects are for a new real estate client on adjacent properties on Staten Island. The projects are 375kW and 339kW in size and have a total backlog value of US$1.49 million. UGE and the client are in the early stages of discussing additional projects as well.
- The third project is for a repeat real estate partner on a building located in Queens. Using an innovative design, the project will be approximately 750kW of elevated solar canopies atop a parking garage. The backlog value is approximately US$1.6 million.
In all three cases, UGE expects to finish development and construction of the projects in 2021. The projects reinforce UGE’s project development momentum and leadership position in both New York City and the northeast US community solar market.
Project Sale and Commercial Operation
In addition, the Company has completed two projects in New York City:
- One of the projects, located in Queens, marks UGE’s third self-financed (build/own/operate) project in the US, adding to the Company’s recurring revenue base, and is for a repeat client.
- The Company has elected to sell the second project, a 300kW facility located in Staten Island, at a price of approximately US$0.7 million, or approximately US$2.30/W. Net of $0.37m in debt used to build the project, the transaction improves the Company’s balance sheet by approximately US$0.33 million, netting approximately US$1.10/W.
Debt Financing Closed for Newest Project
Lastly, the Company closed debt financing for its newest New York-area project in Westchester County. The loan for the 260kW project carries an interest rate of 5.9% during the operational period with a 7-year term on a 20-year amortization.
Q3 2020 Results and Webinar
The Company will release financial results for its 2020 third quarter before the market opens on Tuesday, November 24, 2020. CEO Nick Blitterswyk and CFO Paul Kania will host a webinar at 2:00 P.M. Eastern Time (EST) / 11:00 A.M. Pacific Time (PST) on the same day. All interested parties are invited to participate in this webinar and can register on the Company’s website at www.ugei.com/register.
Management will be available to answer questions following the presentation. To ask a question, please log into the Webinar platform or email your question(s) beforehand to [email protected]. The Webinar will be recorded and posted to UGE’s website following the presentation.
About UGE International Ltd.
UGE delivers immediate savings to businesses through the low cost of solar energy. We help commercial and industrial clients become more competitive by providing low cost distributed renewable energy solutions at no upfront cost and maximum long-term benefit. With over 400MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.
For more information, contact:
+1 917 720 5685
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