UGE International Ltd. (TSXV: UGE) (the “Company” or “UGE”), a leader in renewable energy solutions for the commercial and industrial sector, today announced that it has secured a contract to develop and build New York City’s first community solar project at a multi-tenant commercial facility in Brooklyn.
The project will have a rated peak capacity of approximately 100 kilowatts,and is in a vibrant Brooklyn neighborhood between Park Slope and Boerum Hill. The clean energy produced by the project will be net metered and sold to residential off-takers at rates lower than the rates paid to their utility, providing both an immediate and long-term savings, while being completely sustainable as well.
The project is the first of several under development by UGE and Gotham Community Solar LLC, a company owned by Peter Davidson, recognizing the great potential that community solar offers in New York City. Mr. Davidson is a former UGE board member as well as a former President Obama appointee, having led the Department of Energy Loans Program Office from 2013 to 2015.
“It’s been a privilege to work with ConEd, the Department of Buildings, and the project’s ownership group on developing this landmark project” stated UGE’s Regional Director, Tim Woodcock. “The solar power generated by the project will be credited to numerous residential accounts, offering access to the benefits and low cost of solar energy to those previously excluded due to their housing situation.”
Engineering and permitting work on the project is underway with construction scheduled to be completed early this summer. As per an agreement between the parties involved, financial figures were not disclosed.
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 long term economic benefit. With over 330 MW 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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management’s current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, competition in its target markets, the demand for UGE’s products and the availability of funding. These forward-looking statements are made as of the date hereof and UGE does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from UGE’s expectations and projections.
SOURCE: UGE International Ltd.