UGE International Ltd. Signs an Agreement to Develop, Build, and Finance A Community Solar Project in New York City
January 23, 2020 at 08:36 am EST
Share
UGE International Ltd. announced it has signed an agreement to develop, build, and finance a community solar project in New York City. The Queens-based project is for a repeat client, which is a fast-growing developer of commercial and industrial buildings in the New York metropolitan area. The client's 30,000 square foot roof, in the vicinity of JFK Airport, serves as a warehousing and storage facility for an international secure logistics firm. By leasing their roof to UGE, the client will receive a significant contribution towards an upcoming roof replacement, followed by annual lease payments for 25-years. The project is expected to generate over USD 1.3 million in energy revenue during its 25-year lifetime. The cost of the project will be approximately USD 0.5 million. In addition to its role as developer and builder, UGE plans to be the owner and operator of the project by sourcing project-level debt as well as a partnership with a tax-efficient investor.
UGE International Ltd. is a Canada-based company, which develops, owns, and operates commercial and community solar projects in the United States and strategic markets abroad. The Company is also providing engineering, procurement, and construction (EPC) services, and engineering services to third parties on a limited basis. The Company's hosts include building owners, landowners and institutions. It works with its client's team to identify sites on their property ready for rooftop, ground-mount, and/or carport solar installations. The Company's distributed energy solutions deliver cleaner energy to businesses and consumers with no upfront cost. It has over 500 megawatts (MW) of solar project experience. It is focused on its project portfolio, including its project development backlog, which stood at approximately 316.3 megawatts (MW). Its projects include Bertoline, Norway, Abingdon, Smithville Solar One, Foxcroft Academy, Sculler Solar Gardens and Tuckahoe Housing Authority.
UGE INTERNATIONAL LTD. 
