UGE to Develop and Build New York City's First Community Solar Project in Brooklyn
New York, NY--(Newsfile Corp. - March 15, 2017) - UGE International Ltd. (TSXV: UGE) (the "Company" or "UGE"), a leader in renewable energy solutions for the commercial and industrial sector, today announced that it has secured a contract to develop and build New York City's first community solar project at a multi-tenant commercial facility in Brooklyn.
The project will have a rated peak capacity of approximately 100 kilowatts,and is in a vibrant Brooklyn neighborhood between Park Slope and Boerum Hill. The clean energy produced by the project will be net metered and sold to residential off-takers at rates lower than the rates paid to their utility, providing both an immediate and long-term savings, while being completely sustainable as well.
The project is the first of several under development by UGE and Gotham Community Solar LLC, a company owned by Peter Davidson, recognizing the great potential that community solar offers in New York City. Mr. Davidson is a former UGE board member as well as a former President Obama appointee, having led the Department of Energy Loans Program Office from 2013 to 2015.
"It's been a privilege to work with ConEd, the Department of Buildings, and the project's ownership group on developing this landmark project" stated UGE's Regional Director, Tim Woodcock. "The solar power generated by the project will be credited to numerous residential accounts, offering access to the benefits and low cost of solar energy to those previously excluded due to their housing situation."
Engineering and permitting work on the project is underway with construction scheduled to be completed early this summer. As per an agreement between the parties involved, financial figures were not disclosed.