UGE International

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UGE Signs Agreements to Develop 9.0MW of Solar Projects in Maine and Maryland

09 March 2021

 UGE International Ltd. (TSXV: UGE) (the "Company" or "UGE"), a leader in commercial and community solar energy solutions, is pleased to announce that it has signed agreements for the development of solar projects in Maine and Maryland. Together, the projects are expected to have a total rated capacity of 9.0MW DC and a project backlog value of US$18.1 million.

The Maine community solar project builds on UGE's strength in the market, which saw the Company secure several agreements in the state over the past year. The most recent project is expected to have a rated capacity of 6.5MW DC and generate annual revenue of approximately US$1.1 million once operational. After building one client-financed project in Maine last year, UGE expects to commence construction on its first self-financed projects in the state this summer.

The Maryland community solar project is UGE's first in the state. Maryland is one of several states that have adopted community solar regulations in recent years, making it an attractive market for UGE's continued expansion. The 2.5MW DC project is expected to generate annual revenue in excess of US$0.5 million once operational.

"Community solar is growing rapidly in states looking to increase access to clean energy while lowering prices for consumers. We see significant opportunity to further expand throughout the northeast and mid-Atlantic US this year," said UGE CRO Tyler Adkins. "Our development team is evaluating a growing number of opportunities in new and existing markets, with a focus on earning strong returns while lowering energy costs for our subscribers."

The Maryland community solar program has a maximum per-project size of 2.0MW AC (or approximately 2.5MW DC), with a total program size of 418MW, of which 125MW is reserved for low and middle income ("LMI") customers. UGE sees the LMI segment of particular interest, as the Company works to achieve its broader ESG goals by providing clean, affordable energy to those that need it most.

About UGE

UGE develops, owns, and operates commercial and community solar projects in the US and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost. With over 400MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.

For more information, contact UGE at:

+1 917 720 5685
This email address is being protected from spambots. You need JavaScript enabled to view it.

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 closing of the Offering, the anticipated use of proceeds, and the receipt of regulatory approvals, including the approval of 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.

Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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UGE International

UGE International develops, owns, and operates commercial and community solar projects in the United States and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers...

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