Toronto, Ontario--(Newsfile Corp. - March 27, 2023) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in the commercial and community solar sector, announces that it has reached the 'Notice to Proceed' (NTP) milestone for a 1MW rooftop community solar project in Maine. The Notice to Proceed milestone indicates that financing for the project has closed, and all necessary permits and interconnection approvals for the project are in place.
The project is poised to become Maine's largest rooftop solar installation, as well as UGE's first rooftop project in the state.
To be built atop a new 80,000-square-foot fieldhouse at Foxcroft Academy, an independent high school in Dover-Foxcroft, the project will offset nearly 16,500 metric tons of CO2 over its lifetime – the equivalent of about 40 million miles driven by a car.
In addition to the environmental benefits of the project, Foxcroft Academy and the neighboring school district will benefit from discounted energy from the project for a period of 20 years through an agreement with UGE.
"An appreciation for the natural environment is a core value of the Foxcroft Academy community," said Head of School, Arnold Shorey. "We are proud to be playing a part in Maine's transition to clean, renewable energy while offsetting both the financial and environmental costs of our school's energy consumption."
The project at Foxcroft Academy is among 18MW of solar projects UGE has under development in the state of Maine. Notice to Proceed on the Foxcroft project followed UGE's closing of a $12.5 million debt facility, as well as a $7 million tax equity facility, to fund three Maine projects last week.
Once operational, the Foxcroft project is estimated to produce an average of $150,700 in annual revenue, with a total facility lifetime of 20 years.
With this project, UGE has reached NTP on 7.2MW of projects and commercial operation on 1.4MW of projects so far this year. Construction on the Foxcroft project is set to begin this spring.
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
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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