UGE Secures Two New Contracts for New Jersey Office Buildings
New York, New York--(Newsfile Corp. - June 28, 2017)
UGE International Ltd. ("UGE") (TSX VENTURE:UGE), a leader in renewable energy solutions for the commercial and industrial sector, announces it has secured two power purchase agreements that will see solar systems installed at office buildings in New Jersey. The contracts are with a rapidly growing real estate ownership group.
UGE will install the roof-mounted solar systems at two office buildings located in northern New Jersey, reaching a total peak capacity of 530kW. Together, the systems are expected to generate more than 600 MWh of clean energy annually, resulting in significant energy cost savings. The solar systems will offset more than 230 tons of carbon per year, roughly equal to the amount sequestered by planting more than 6,000 trees.
The emerging real estate ownership group owns more than 2.5 million square feet of commercial and residential space in the northeast US and is growing rapidly. By awarding these two solar projects to UGE, they are bringing cleaner energy to the metro area and improving their bottom line, strengthening their profile as an innovative and growing firm.
"Across the country, installing rooftop solar represents a unique opportunity for building owners to lower their energy bills," said Guillermo Espinosa, Business Development Manager at UGE. "We are excited to kick off this relationship with our first solar projects together, and look forward to growing the relationship further over time."
The project is expected to be installed by UGE over the next nine months, after which UGE will maintain them over the full course of their lifetime. Revenue upon project completion to UGE is approximately USD $1million.
Grant of options
UGE has granted 100,800 and 96,600 options to Nicolas Blitterswyk (Chief Executive Officer) and Jimmy Vaiopoulos (Chief Financial Officer), respectively, with each option being exercisable for one common share of UGE at an exercise price of CAD $0.61 per share for a period of five years from the date of grant, and with such options to vest as to a third on June 22, 2018, a third on June 22, 2019, and a third on June 22, 2020.
For further information, please view UGE's investor newsletter, available at www.ugei.com/investors.