UGE International Ltd. (UGE:TSX.V; UGEIF:OTCQB) announced in a news release that "it has signed agreements to develop, build, own, and operate a rooftop community solar project in Peekskill, N.Y."
UGE International stated that its solar market experience in the greater New York City area dates back to 2010 and that this latest project is one of many community solar projects in the region that it has developed. The firm advised that community solar programs such as these provide energy users with the opportunity to buy energy credits from a solar distribution system to offset their energy costs and in the process save money and the environment.
The company's CEO Nick Blitterswyk commented, "With community solar set to accelerate rapidly under the Biden administration, UGE's proven track record in New York community solar will be vital to transforming the energy landscape...We expect that within a decade, most New Yorkers will pay their utility bill to a solar company and we're excited to be a part of this massive movement towards cleaner, cheaper energy."
The firm also noted that it is making good progress on its solar project located near Tuckahoe, N.Y. UGE said that it completed construction of the project's first building and the other remaining structures will be completed shortly. UGE indicated that this particular project is being developed jointly with a public housing authority and when completed the complex will benefit from annual lease payments for hosting the system and residents will enjoy lower energy bills.
The company noted that the newly contracted Westchester project will increase its current project backlog by around US$2.3 million. The firm indicated that when the project is complete and up and running it is expected to generate US$250,000 in revenue annually.
The firm stated that since the end of Q3/20 which ended on September 30, 2020, in aggregate it has added and announced greater than US$33 million in new solar projects to its project backlog.
The company advised that it plans to release complete FY/20 financial results in late April.
UGE International is a developer, owner and operator of community and commercial turn-key solar power projects in the U.S. and other global markets. To date, the company has designed and built sustainable projects totaling 400MW.
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