- UGE (UGE) has secured US$25M in financing to build six community solar projects in Maine
- The company entered the construction-to-term debt and tax equity facility with Twain Financial
- The projects range between 1MW DC to 3MW DC and will reach Notice to Proceed by the end of the year
- UGE develops, owns and operates commercial and community solar projects in the U.S. and strategic markets abroad
- UGE (UGE) is unchanged trading at $0.90 per share
UGE (UGE) has secured US$25M in financing to build six community solar projects in Maine.
The company entered the construction-to-term debt and tax equity facility with Twain Financial, a U.S. firm committed to financing US$1B worth of new renewable projects over the next three years.
The projects range in size from 1MW DC to 3MW DC and participate in Maine’s community solar program.
The first project, located in the town of Norway, reached Notice to Proceed (NTP) last week. UGE expects the remaining projects to reach NTP by the end of the year.
“UGE is committed to rapidly expanding the use of community solar to provide access to clean and affordable energy for the 80 per cent of households that cannot install solar themselves,” said Mateo Chaskel, Managing Director of UGE USA. “The Department of Energy has committed to expanding community solar access eight-fold through 2025, and we look forward to deploying several additional portfolios across the U.S. in the months and years to come.”
UGE develops, owns and operates commercial and community solar projects in the U.S. and strategic markets abroad.
UGE (UGE) is unchanged trading at $0.90 per share as of 9:38 am EST.