Projects Will Provide Cost Savings for Low-to-Moderate Income Communities
Toronto, Ontario--(Newsfile Corp. - September 27, 2022) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in the commercial and community solar sector, this month added a 5MWac community solar project in Gloucester County, Virginia to its project backlog, bringing the company's backlog total in Virginia to 12.3 megawatts. UGE's two other projects in development in the state are a 3.9MWac project in Halifax County and a 3.4MWac project in Sussex County.
UGE began obtaining site control in Virginia in 2021. This early investment in the state as a new community solar market will allow the Company to capitalize on the opening of Virginia's Shared Solar Program in July of 2023, at which time Virginians will have the opportunity to subscribe to community solar projects such as UGE's. Subscribing to a community solar project provides individuals with electricity cost savings of up to 20%, while supporting the transition to clean energy. To ensure that low-to-moderate income (LMI) households have access to this opportunity, the subscriber and minimum bill fees associated with Virginia's Shared Solar Program will be waived for anyone who makes under 80 percent of the area's median income. Additionally, the shared solar bill mandates that 30 percent of customers who switch to community solar are LMI households.
At the Federal level, the recently passed Inflation Reduction Act further supports the proactive inclusion of LMI communities in the clean energy transition by providing up to a 20 percent bonus credit for solar projects serving and/or located in qualified low-to-moderate income communities. UGE intends to apply for this credit for its projects in Virginia, potentially increasing its ITC (Investment Tax Credit) on Virginia community solar projects to at least 50%.
In addition to the electricity cost savings Virginians will see once the Share Solar Program opens next year, The Virginia Clean Economy Act is expected to create up to 13,000 well-paying jobs per year. The IRA further bolsters job creation by providing funding for green-job training. For former coal economy states like Virginia, which have suffered from a lack of family-sustaining jobs since coal mining began to decline in the 1990's, this boost in job creation is particularly vital.
As UGE continues to expand its presence in Virginia, the Company looks forward to supporting economic development and the equitable distribution of renewable energy.
About UGE
UGE develops, owns, and operates commercial and community solar projects in the US and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost. With over 500MW of global experience, we work daily to power a more sustainable world.
For more information, contact UGE at:
+1 917 720 5685
investors@ugei.com
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward-looking statements include, but are not limited to, the anticipated use of proceeds, and the listing of the Green Debentures on the TSX Venture Exchange. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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