Projects Expected to Drive Over US$1.5 million in Recurring Revenue
New York, New York--(Newsfile Corp. - June 28, 2021) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in commercial and community solar energy solutions, is pleased to announce that it has expanded its presence to Pennsylvania, securing its first two sites for community solar projects.
The two projects will be in western Pennsylvania, in the broader vicinity of Pittsburgh. Together, the two ground-mounted solar facilities are expected to have a rated capacity of approximately 11MW DC and generate over US$1.5 million of annual recurring revenue once constructed.
"Pennsylvania is one of several states now working to unlock the potential of community solar to lower energy costs for its ratepayers, provide income for landowners, and meet its aggressive renewable energy targets," said Tyler Adkins, UGE's Chief Revenue Officer. "UGE is excited to play a role in Pennsylvania's clean energy future."
UGE origination manager John Jeremko is leading UGE's expansion into Pennsylvania, bringing with him several years of experience in the oil and gas industry. His career transition to clean energy echoes the metamorphosis happening in Pennsylvania's energy sector, as many landowners, businesses, and companies make the transition to solar power.
"Renewable energy is still a controversial topic in a battleground state like Pennsylvania, but the economic benefits for landowners and ratepayers are simply undeniable," Mr. Jeremko said. "My experience in the oil and gas sectors has been integral to building relationships with regional businesses and landowners, highlighting how solar energy's potential can positively impact their bottom line."
Pennsylvania is the second state UGE has entered in 2021, following Maryland. UGE has a goal to enter at least three new states within the year, joining its traditional areas of strength in New York, New Jersey, and Maine.
About UGE
UGE develops, owns, and operates commercial and community solar projects in the US and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost. With over 400MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.
For more information, contact UGE at:
+1 917 720 5685
investors@ugei.com
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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