In a news release, UGE International Ltd. (UGE:TSX.V; UGEIF:OTCQB) announced that it has entered into contracts for three new community solar projects in the New York City metro area.
UGE International noted that two of the projects, one 375 kW in size and the other 339 kW, are for a new real estate client on adjacent properties located on Staten Island. The projects together are valued at around US$1.49 million. The firm stated that it is also in discussions with the same client for future projects.
The company advised that the third new project being undertaken has a backlog value of approximately US$1.6 million and is for a repeat real estate partner for a building in Queens. UGE commented that "using an innovative design, the project will be approximately 750 kW of elevated solar canopies atop a parking garage."
The firm stated that each of these three projects is expected to be fully completed in 2021. The company noted that these projects serve to reinforce its project development expertise, momentum and leadership position in both the NYC and northeastern U.S. community solar markets.
The company additionally reported that it has completed two other projects in New York City. The first one for a repeat customer in Queens is the firm's third self-financed "build-own-operate" project in the U.S. The second project, which the company decided to sell, was a 300 kW facility on Staten Island. The firm sold the project for approximately US$0.7 million, and after debt repayment of $0.37 million resulted in net proceeds of about US$0.33 million, thereby strengthening UGE's balance sheet.
The company advised that it will release its Q3/20 financial results on Tuesday, November 24, 2020, prior to the market open. The firm noted that later that day CEO Nick Blitterswyk and CFO Paul Kania will host a webinar at 2:00 p.m. EST and that anyone interested in joining may register on the firm's website.
Read what other experts are saying about:
Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: UGE International. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: UGE International. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with UGE International. Please click here for more information.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of UGE International, a company mentioned in this article.
