Commercial and community solar energy solutions company UGE International Ltd. (UGE:TSX.V; UGEIF:OTCQB) announced in a news release that prior to year-end 2020 it secured a contract for an additional community solar project located within Central Maine Power's territory. The firm reported that this new 5.4MW DC project is one of its largest undertakings to date and has a net present value estimated at US$9.9 million. UGE stated that it expects to complete and fully deploy the project in about two years.
The company explained that the implementation of regulatory changes in Maine permitting community solar projects has been a strong catalyst for the firm's growth and expansion of the industry in the state. UGE mentioned that it believes that its 156kW Monson Phase I project built in 2020 was the state's first such operational community solar project. The company added that it is currently developing several additional projects in Maine that will be rolled out in the coming quarters and years.
UGE International's Chief Revenue Officer Tyler Adkins commented, "Our latest project highlights the importance of market knowledge and site selection, located on underutilized space near the interstate highway and transmission corridor...2021 will bring continued growth in Maine, and we plan to carry this momentum across the U.S. northeast, home to many of the country's established and emerging community solar markets."
The firm stated that it is very pleased with the increased support that the solar industry is receiving in the U.S. including the U.S. Investment Tax Credit (ITC) extension for solar projects. The company pointed out that the ITC was just recently finalized and that the two-year extension raises the tax credits to 26% for years 2021 and 2022, up from the prior established rates of 22% and 10% respectively.
The company's CEO Nick Blitterswyk remarked, "The ITC extension directly increases the value of our current project development backlog, while also expanding the addressable market for our offering...Along with increasing support across the United States for community solar and expectations for additional support and initiatives from the Biden administration, our goals, backlog, and opportunities across the U.S. northeast continue to climb, as well."
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