In a news release, UGE International Ltd. (UGE:TSX.V; UGEIF:OTCQB) announced "it has signed agreements to develop, build and finance two additional community solar projects in Maine." The company advised that the net present value of the two projects combined is US$21.5 million. The firm stated that it anticipates that the projects will be completed over the next 24 months and noted that the margins from the contracted projects are expected to be in line with recent company results.
The firm stated that the two projects will provide a total 11.8 MW in combined solar capacity. The company noted that the smaller of the two projects is located at the site of a contaminated industrial property that will be capable of producing 5.6 MW.
UGE International relayed that its development plans call for two new community solar projects that will offer residential energy users the chance to access energy systems at rates below those available from the grid.
The company's Director of New Markets Tyler Adkins commented, "Over the past year, Maine has seen a rapid evolution of public policy that is favorable for community-scale solar projects. Specifically, recent legislative action has unlocked enormous opportunities for UGE to provide cheaper, cleaner energy for Mainers across the state."
"This year continues to be a banner year for UGE's development team, as we continue to expand across the Northeast U.S. Each new project builds upon UGE's record year, further adding to our deployment expectations for 2021 and beyond," Adkins added.
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