UGE International Ltd. (UGE:TSX.V; UGEIF:OTC) announced in a news release it completed financing on and started deployment of two solar energy projects, which it will own, on the rooftop of two commercial buildings in Montvale, N.J.
"As UGE continues to grow its U.S. development business, we look forward to growing our portfolio of retained assets as well," UGE CEO Nick Blitterswyk said in the release. "Retaining ownership allows UGE to maintain significantly more project value while boosting recurring revenue as well."
The two projects together are estimated to generate about $135,000 in revenue for UGE in the first year and more than $2.1 million over their lifetime. Funding was about $700,000 and in the form of project-level debt provided by WunderCapital.
In terms of the installation process, UGE completed procurement. Next, mobilization to the site will happen in November. Commercial operation of the system is expected by Q1/20.
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