New York — UGE has signed an agreement to develop, build, and finance a community solar project in New York City.
The Queens-based project is for a repeat client, which is a fast-growing developer of commercial and industrial buildings in the New York metropolitan area.
UGE says the client’s 30,000 square foot roof, in the vicinity of JFK Airport, serves as a warehousing and storage facility for an international secure logistics firm. By leasing their roof to UGE, the client will receive a significant contribution towards an upcoming roof replacement, followed by annual lease payments for 25-years.
The project is expected to generate over US$1.3 million in energy revenue during its 25-year lifetime. The cost of the project will be approximately US$0.5 million.
In addition to its role as developer and builder, UGE plans to be the owner and operator of the project by sourcing project-level debt as well as a partnership with a tax-efficient investor.
“We are thrilled to be working on additional projects with this client, and increasing the amount of renewable energy we are offering to New York City residents”, said Mateo Chaskel, UGE USA’s Managing Director. “UGE continues to grow its balance sheet and recurring revenue through project ownership, and we are excited to see our solar portfolio’s ongoing growth.”