UGE Achieves Commercial Operation for Community Solar Project in Norway, Maine

Rhea-AI Summary

UGE International Ltd. announces the completion of its 1-megawatt community solar farm in Norway, Maine, which is built on a former landfill. The project is expected to offset over 1,000 metric tons of CO2 each year and has a total fair market value of $3.6 million.

Positive

• The completion of the community solar farm will benefit UGE financially, with a total fair market value of $3.6 million.
• The solar farm will offset over 1,000 metric tons of CO2 each year, contributing to environmental sustainability.

Negative

• None.

Independent Third-Party Values Project's Fair Market Value at $3.6 Million

Toronto, Ontario--(Newsfile Corp. - October 19, 2023) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in commercial and community solar, announces that its 1-megawatt community solar farm in Norway, Maine reached commercial operation and has begun generating electricity.

The Norway Community Solar Farm is built atop a former landfill, making this project a 'brightfield' - a brownfield site redeveloped into a solar project. Brightfields provide maximum environmental and economic value by turning otherwise unusable land into sources of clean renewable energy, and sources of income in the form of long-term lease payments for the owner of the brownfield - in this case the Town of Norway.

The Town of Norway is also a subscriber to the Norway Community Solar Farm, alongside a variety of local businesses in Norway and surrounding towns. These subscribers benefit from reduced electricity costs and simultaneously offset the carbon footprints of their operations. In total, the solar farm will offset over 1,000 metric tons of CO2 each year, the equivalent generated by burning more than 150,000 gallons of gasoline.

"With the opening of the first community solar project in our town, we're proud to be supporting Maine's transition to renewable energy," says Brad Plante, Norway's Interim Town Manager. "Not only will the project help protect Maine's environment by reducing the carbon footprint of our community, but it will also benefit our town and local businesses financially for decades to come."

The Center for an Ecology-Based Economy (CEBE), a non-profit grassroots environmental organization in Norway, has been involved in bringing the project to town since the beginning.

"The shared, accessible nature of community solar aligns well with our mission to support a just transition to a thriving, regenerative economy," says Scott Vlaun, Executive Director of CEBE. "We're thrilled to see the project up and running and generating clean solar electricity in our town while helping local businesses control energy costs."

UGE had the project appraised by an independent third party at a value of $3.29 per watt, with the project's total fair market value at $3.6 million. Originally when NTP had been declared, a preliminary valuation of $2.62 per watt was announced. As a brownfield redevelopment project, the Norway Community Solar Farm meets the criteria necessary to receive a 40% Energy Tax Credit.

In addition to the Norway Community Solar Farm, UGE has nine additional community solar projects totaling 16MW under development in Maine, with the next one on track to reach commercial operation this fall. With the completion of this project, UGE's operating portfolio now stands at 4.8MW, with an additional 18.1MW of projects having reached their NTP milestone this year to-date.

About UGE

UGE develops, owns, and operates commercial and community solar and battery storage projects across the United States. Our distributed energy projects provide cheaper, cleaner energy to the businesses and households surrounding them, at no added cost. With over 500MW of project experience, we work daily to make renewable energy accessible and affordable for all. Visit us at www.ugei.com. For more information, contact UGE at: investors@ugei.com or +1 917 720 5685.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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. These statements are only predictions. 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. Forward-looking statements include, but are not limited to, the anticipated use of proceeds, and the listing of the Green Debentures on the TSX Venture Exchange. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/184492

FAQ

What is the fair market value of UGE's community solar farm in Norway, Maine?

The fair market value of the solar farm is $3.6 million.

How much CO2 will the solar farm offset each year?

The solar farm will offset over 1,000 metric tons of CO2 each year.

What is the total operating portfolio of UGE?

UGE's operating portfolio currently stands at 4.8MW.