UGE Signs Agreement to Develop, Build, Finance Housing Authority Project in Westchester, NY

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New York, New York--(Newsfile Corp. - March 26, 2020) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in commercial and community solar energy solutions, is pleased to announce that it has signed agreements with a public housing authority in Westchester, NY to develop, build, and finance a rooftop community solar project on the agency's five buildings.

The project will have a total solar capacity of approximately 250kW. The energy produced from the project will give Con Edison Westchester customers the opportunity to subscribe to the solar arrays, which will offset their electricity bills with discounted monetary credits. Meanwhile, the housing authority will receive lease payments for the use of their roofs, providing a valuable boost to their annual budget.

UGE expects to develop and install the project over the next 12 months, and estimates the project will have a net present value of over US$600,000, with gross margins at or above Company targets.

About UGE International Ltd.

UGE delivers immediate savings to businesses through the low cost of solar energy. We help commercial and industrial clients become more competitive by providing low cost distributed renewable energy solutions at no upfront cost and maximum long-term benefit. With over 380 MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.

Contact:
investors@ugei.com

917-720-5685

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/53843

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