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