Latest News

Solar Stock Investor News: UGE (TSXV: UGE) Project Backlog in Virginia Surpasses 12 Megawatts

Toronto, Ontario – September 27, 2022 (Newsfile Corp.) ( Newswire) 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

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.

More Info:

This news is published on the Newswire – a global digital news source for investors and business leaders

Disclaimer/Disclosure: is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: Learn more about publishing your news release and our other news services on the newswire and

Global investors must adhere to regulations of each country. Please read privacy policy: investing ideas in renewable energy stocks

Like Renewable Energy Stocks? View our Renewable Energy Stocks Directory

Buy a renewable energy guest post on

What's your reaction?

In Love
Not Sure

You may also like

More in:Latest News

Leave a reply

Your email address will not be published. Required fields are marked *