UGE International Ltd. (UGE:TSX.V; UGEID:OTCQB) was retained to develop, install and finance a community solar project in New York City's Queens borough, the company announced in a news release.
The work is being done for an existing UGE client, which is a developer of commercial and industrial buildings in metropolitan New York. The client will lease to UGE the roof of one of its buildings, which is 30,000 square feet in size. In exchange, the client will get a significant contribution toward an upcoming roof replacement, followed by 25 years of lease payments.
During its 25-year life, the project, whose cost is about $0.5 million, is expected to generate more than $1.3 million in energy revenue. UGE will own and operate the project by sourcing project-level debt and by partnering with a tax-efficient investor.
"We are thrilled to be working on additional projects with this client, and increasing the amount of renewable energy we are offering to New York City residents. UGE continues to grow its balance sheet and recurring revenue through project ownership, and we are excited to see our solar portfolio's ongoing growth," UGE USA's Managing Director Mateo Chaskel said in the release.
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