UGE International Ltd. Secures 5.4MW DC Community Solar Project in Maine
January 05, 2021 at 12:33 pm
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UGE International Ltd. announced that it has secured an additional community solar project located in Central Maine Power territory. The project, one of the Company's large with rated capacity of 5.4MW DC, has an estimated net present value of $9.9 million. The Company aims to finish development and deployment of the project within approximately two years. Maine was a strong growth market for the Company in 2020 as regulatory changes allowing community solar projects led to an expansion of activity in the state. UGE led the way, completing what the Company believes is Maine's first operational community solar project in Monson Phase I, a 156kW project built in 2020, while developing several additional projects for deployment in the coming quarters and years. Solar ITC extension finalized: The Company is also announced with increasing support for the solar sector, including the recent U.S. Investment Tax Credit (ITC) extension for solar projects, which has now been finalized. The two-year extension sees the tax credit for 2021 and 2022 increase to 26%, compared with 22% and 10%, respectively, prior to the extension.
UGE International Ltd. develops, owns, and operates community and commercial solar generation and storage projects. The Company operates through three segments: EPC, Engineering services, and Energy generation. The EPC segment is engaged in building solar energy projects for third parties. It provides engineering and consulting services through the Engineering services segment. The Energy generation segment is engaged in the sale of electricity generated, and the sale of renewable energy credits. The Company's distributed energy solutions deliver cleaner energy to businesses and consumers. The Company has installed approximately 750 projects. The Company's solar projects include the Bertoline, Zerega Avenue, Abingdon, Staten Island Community, Sharp New Jersey Headquarters, Brinks Warehouse, Smithville, Bertoline, and Norway, among others.