UGE all set to develop 2.7-MW community solar farm in Maine

• North American solar power promoter UGE International Ltd (CVE: UGE) said on Wednesday that its 2.7-MW ground-mounted community solar project in Veazie, Maine, has reached notice to proceed (NTP) to construction.

The firm has financing and all licenses, consisting of interconnection, in position for this project. It claimed it had gotten to monetary close previously this week, protecting a USD-12.5-million (EUR 11.6 m) financial obligation center and also a USD-7.1-million tax obligation equity center to bankroll 3 projects it has in the United States state of Maine.

The Veazie project has a total fair market value of USD 9.1 million, based upon an independent third-party assessment that its one watt deserves USD 3.39, according to UGE.

The community solar farm will certainly lie atop a previous concrete construction and storage space site in a location categorised as a low-to-moderate revenue community. Being a brownfield redevelopment and also sited in a community in danger of exclusion will certainly enable the project to get approved for tax obligation credits, UGE claimed.

The firm anticipates the plant to bring in around USD 449,600 in annual revenues.

Construction of the Veazie solar farm will start this springtime. Energywell will take care of customer subscriptions for the project. As soon as in operation, the entire output from the plant will certainly be eaten by local homeowners.