- UGE International (UGE) has received a notice to proceed for a 2.7-megawatt ground-mount community solar project in Veazie, Maine
- The notice indicates that financing for the project has closed, and all necessary permits and interconnection approvals for the project are in place
- UGE had the project appraised by an independent third party at a value of $3.39 per watt, with the project’s total fair market value at $9.1 million
- UGE International Ltd. (UGE) opened trading at C$1.16
UGE International (UGE) has received a notice to proceed for a 2.7-megawatt ground-mount community solar project in Veazie, Maine.
The notice indicates that financing for the project has closed, and all necessary permits and interconnection approvals for the project are in place.
UGE had the project appraised by an independent third party at a value of $3.39 per watt, with the project’s total fair market value at $9.1 million. Once operational, the project is estimated to produce an average of $449,600 in annual revenue, with a total facility lifetime of up to 35 years.
The project in Veazie is among 18MW of solar projects UGE has under development in the state of Maine. With this project, UGE has reached NTP on 6.2MW of projects and commercial operation on 1.4MW of projects so far this year.
Construction is set to begin this spring and the project will be built on top of a former concrete fabrication and storage site and is UGE’s second brownfield redevelopment project, potentially leading to an extra 10 per cent in Investment Tax Credit. The former concrete fabrication site is owned by Sky Villa Properties, a Veazie-based commercial real estate developer and management company.
Customer subscriptions for the project will be managed by Energywell, an energy technology company and all energy produced by the projects will be used by local residents.
UGE develops, owns, and operates commercial and community solar projects in the US and abroad. UGE has more than 600 projects and operates in three core markets: the US, Canada, and the Philippines.
UGE International Ltd. (UGE) opened trading at C$1.16.