In a news release, UGE International Ltd. (UGE:TSX.V; UGEIF:OTCQB) announced that it has entered into contracts for three new community solar projects in the New York City metro area.
UGE International noted that two of the projects, one 375 kW in size and the other 339 kW, are for a new real estate client on adjacent properties located on Staten Island. The projects together are valued at around US$1.49 million. The firm stated that it is also in discussions with the same client for future projects.
The company advised that the third new project being undertaken has a backlog value of approximately US$1.6 million and is for a repeat real estate partner for a building in Queens. UGE commented that "using an innovative design, the project will be approximately 750 kW of elevated solar canopies atop a parking garage."
The firm stated that each of these three projects is expected to be fully completed in 2021. The company noted that these projects serve to reinforce its project development expertise, momentum and leadership position in both the NYC and northeastern U.S. community solar markets.
The company additionally reported that it has completed two other projects in New York City. The first one for a repeat customer in Queens is the firm's third self-financed "build-own-operate" project in the U.S. The second project, which the company decided to sell, was a 300 kW facility on Staten Island. The firm sold the project for approximately US$0.7 million, and after debt repayment of $0.37 million resulted in net proceeds of about US$0.33 million, thereby strengthening UGE's balance sheet.
The company advised that it will release its Q3/20 financial results on Tuesday, November 24, 2020, prior to the market open. The firm noted that later that day CEO Nick Blitterswyk and CFO Paul Kania will host a webinar at 2:00 p.m. EST and that anyone interested in joining may register on the firm's website.
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