Commercial and community solar energy solutions company UGE International Ltd. (UGE:TSX.V; UGEIF:OTCQB) announced in a news release that it has entered into three separate agreements to develop, build and finance community solar projects in the state of Maine.
UGE International stated that "the three projects are expected to have rated peak capacity of 4.7MW, 1.3MW and 1.1MW and are in the towns of Corinth and Monson and the city of Bangor, respectively." The company indicated that the three projects combined will add a total of US$13 million to its project backlog and that it expects to complete development and installation over the next 24 months.
UGE noted that "it is developing all three projects under Maine's community solar framework, which will see energy users throughout the state subscribe to purchase energy from the projects at a discount to grid rates." The firm stated that it is already working on constructing one of Maine's first community solar projects.
The firm advised that it will host a live webinar on Monday, June 1, 2020, at 2:00 p.m. EDT to review its unaudited Q1/20 financial results and project backlog, and that the company's management will answer questions after the presentation.
UGE International Ltd. has corporate offices located in Toronto, Ontario, New York, N.Y., and Cebu City in the Philippines. The company provides commercial and community solar energy solutions which it states delivers immediate savings to its customers who benefit from low-cost solar energy. The firm stated that to date it has over 400MW of global experience and that it is able to help its commercial and industrial clients become more competitive by providing low cost distributed renewable energy solutions that do not require any upfront cost and offer maximum long-term benefit.
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