- UGE International Ltd. (UGE) has acquired a 3.5-megawatt ground-mounted community solar project in Oregon
- Some construction will begin on the project before the end of this year
- Commercial operation is expected in the first quarter of 2024
- UGE also closed a US$15 million credit line for acquisitions and development expenses
- UGE International Ltd. (UGE) is up 5.00 per cent and is trading at $1.26 per share as of 4:10 p.m. ET
- UGE International Ltd. (UGE) has acquired a 3.5-megawatt ground-mounted community solar project in Oregon
Commercial solar company, UGE International (UGE), has acquired a 3.5-megawatt ground-mounted community solar project in Oregon.
This will be the first one owned by the company in this state. Some construction will begin on the project before the end of this year, and commercial operation is expected in the first quarter of 2024.
UGE shared its plan to add additional backlog in the Oregon market through organic origination activities.
This acquisition is one of UGE’s several recent initiatives that UGE has made to expand its acquisitions of solar and battery energy storage system (BESS) projects in the U.S. Earlier in the year, it announced it was acquiring two rooftop solar projects in Arizona.
The company is also under exclusivity for projects in other strategic states, which it hopes to finalize in the coming months.
Last month, UGE also closed a US$15 million credit line for acquisitions and development expenses. The first draw against the credit line was used to fund the Oregon acquisition. The company intends to use the credit line for shorter-term acquisition and development-related expenses.
UGE’s stated its acquisitions are building its asset growth and diversification strategy as it scales its operating portfolio.
UGE International Ltd. (UGE) is up 5.00 per cent and is trading at $1.26 per share as of 4:10 p.m. ET.