UGE Announces Second Community Solar Project in New York City
New York, New York--(Newsfile Corp. - October 24, 2017)
UGE International Ltd. (TSXV: UGE) ("UGE"), a leader in renewable energy solutions for the commercial and industrial sector, announces it has secured a contract to develop and build a 630 kW DC community solar project for a rapidly growing real estate firm in New York City.
Community solar is a newer model for financing solar installations in which building owners receive lease payments for the use of their rooftop. After UGE installs solar on the rooftop, the energy produced will be sold directly to residential customers in the community. This model allows New York City residents to access clean energy and lower their energy bill, regardless of their ability to install solar panels at their residence. Community solar has the ability to rapidly change the urban adoption of clean energy and accelerate the presence of solar use in cities everywhere. UGE previously announced it was developing New York City's first community solar project in March 2017 and is now proud to announce their second such project.
"Community solar is the latest innovation within solar financing and it is exactly what New York City has been longing for," said Mateo Chaskel, Director of Development for UGE. "By making solar energy accessible to residents throughout New York City, without having to put panels on their roofs directly, we expect to see clean energy spread at an unprecedented rate. UGE is excited to be leading this initiative."
This is the second real estate firm that UGE has announced it is working with in recent months. In this case, the firm has many locations throughout greater New York City ranging in size from 60,000 to 220,000 square feet, with many future opportunities for solar projects. By working with UGE at this Bronx-based location, the firm will increase their lease revenue, in effect adding a new tenant to their otherwise unused roof, while strengthening their commitment to the environment as well.
UGE is the developer and EPC (builder) of the turnkey roof-mounted solar system. The project is expected to be installed by UGE over the next nine months and will produce over 750 MWh of clean energy annually offsetting around 570 tons of carbon dioxide. UGE expects to generate over $1m USD in revenue through completing the project.
For further information, please view UGE's investor newsletter, available at www.ugei.com/investors.