UGE International Ltd. Secures 5.4MW DC Community Solar Project in Maine
January 05, 2021 at 07:33 am
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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. is a Canada-based company, which develops, owns, and operates commercial and community solar projects in the United States and strategic markets abroad. The Company is also providing engineering, procurement, and construction (EPC) services, and engineering services to third parties on a limited basis. The Company's hosts include building owners, landowners and institutions. It works with its client's team to identify sites on their property ready for rooftop, ground-mount, and/or carport solar installations. The Company's distributed energy solutions deliver cleaner energy to businesses and consumers with no upfront cost. It has over 500 megawatts (MW) of solar project experience. It is focused on its project portfolio, including its project development backlog, which stood at approximately 316.3 megawatts (MW). Its projects include Bertoline, Norway, Abingdon, Smithville Solar One, Foxcroft Academy, Sculler Solar Gardens and Tuckahoe Housing Authority.