Mr. Nick Blitterswyk reports

UGE ACHIEVES NOTICE TO PROCEED MILESTONE FOR 3.5-MEGAWATT COMMUNITY SOLAR PROJECT IN OREGON

UGE International Ltd. has reached the notice to proceed (NTP) milestone for its 3.5-megawatt community solar project in Polk county, Oregon. The notice to proceed milestone indicates that financing for the project has closed, and all necessary permits and interconnection approvals for the project are in place.

The Polk county project marks UGE's first in the state of Oregon and is the company's largest project to reach the notice to proceed milestone since transitioning to an independent power producer (IPP) model.

At 3.5 megawatts, the project will produce enough electricity to power more than 800 homes each year. Over its lifetime, the project is expected to offset, at minimum, the equivalent CO2 (carbon dioxide) emissions produced by burning over 10 million gallons of gasoline.

Prominent national companies are subscribing to purchase energy from the project under long-term agreements and will account for approximately 40 per cent of the energy generated. The remaining energy will be reserved for low-to-moderate income (LMI) households and businesses, who will realize significant savings on their electricity costs for the next 20 years. Strengthening renewable energy equity is one of UGE's guiding goals; the company's stated target is for more than 25 per cent of the offtake from its operational portfolio to serve LMI households by 2026. By assisting LMI households, UGE may also qualify for a larger investment tax credit.

Subscriptions for the project are being managed by Common Energy. "We are excited to continue to promote and support community solar projects across the state of Oregon," said Richard Keiser, chief executive officer of Common Energy. "These projects will generate savings for Oregon residents and lower emissions for the entire community."

Oregon's legislature established a community solar program in 2019, making the state an early adopter of shared solar. Oregon's program includes regulations to protect the state's most productive farmland. Adhering to these rules, the Polk county project is sited almost entirely on land with designated low-quality soil, which is less likely to be productive for agricultural use. In October, 2022, UGE purchased the Polk county project from Oregon solar developer Conifer Energy Partners.

With this project, UGE has reached NTP on 18.1 megawatts of projects and commercial operation on 1.4 MW of projects so far this year. The 3.5 MW Polk county project is set to reach commercial operation at the end of June, 2024.

About UGE International Ltd.

UGE develops, owns and operates commercial and community solar and battery storage projects. The company's distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost. With over 500 MW of global experience, the company works daily to power a more sustainable world.

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