UGE International Ltd. recently announced its acquisition of three new community solar projects in New York. The solar energy company is expanding its portfolio to include an additional 1.5-megawatts of energy to its global capacity of 400-megawatts. UGE strives to take steps toward a more sustainable world, and these three community solar projects are an example of its efforts.
The three projects are split into 375-kilowatt, 339-kilowatt, and 750-kilowatt facilities constructed across New York City. The smaller of the two will be built on adjacent land on Staten Island. They will be developed for a real estate client that UGE has been working with. According to UGE, they are also in the pre-planning stages of future projects. UGE’s largest project of the three is for a real estate developer it has worked with before. The energy company will construct the facility on a parking structure in queens. The total backlog value of all three projects amounts to approximately $3 million.
In all three cases, UGE will oversee construction and development. It expects to have the trio of new community solar projects completed sometime in 2021. This is in line with the solar energy developers current rate of project completion as it works to deliver clean, renewable energy to New York City and the Northeast United States market.
These three programs aren’t all UGE has on its plate. According to the solar developer, it recently finished two additional projects in New York City. One developed in Queens is the company’s third self-financed solar project, which adds an additional revenue stream to its financial records. The second project will be put up for sale and is a 300-kilowatt facility on Staten Island. UGE hopes to get around $.7 million for the full facility.
To further add to its Q4 accomplishments, UGE also closed debt financing for a Westchester County project. This project is expected to be a 260-kilowatt facility, which is being financed through a 7-year term loan.