An anonymous director reports

UGE REACHES COMMERCIAL OPERATION ON ROOFTOP COMMUNITY SOLAR PROJECT IN PEEKSKILL, NEW YORK

UGE International Ltd. has reached commercial operation on its 457-kilowatt rooftop community solar project in Peekskill, N.Y.

UGE's latest community solar project sits atop Spare Cube, a self-storage facility in Peekskill, N.Y., and is UGE's second community solar asset in Peekskill (the first toward the end of 2021). With large footprints and flat roofs, self-storage facilities make for ideal rooftop solar sites, while the addition of solar allows self-storage owners to maximize their assets by earning lease revenue from their rooftops in addition to income from storage units.

As part of a continuing partnership, wireless provider T-Mobile will serve as the project's anchor energy offtaker, supporting T-Mobile's commitment to power its business using 100 per cent renewable energy. UGE will reserve 50 per cent of the project's energy output for low- to moderate-income (LMI) subscribers, allowing these households and businesses to save upwards of 10 per cent on their electricity costs. As electricity rates continue to rise across the country, these savings become increasingly meaningful for Americans looking for ways to save money in today's inflationary environment.

Subscriber acquisition and management for the Spare Cube project is handled by Ampion.

"Ampion is proud to bring community solar subscriptions and electricity savings to underserved New York City area residents," said Nate Owen, Ampion chief executive officer. "We are thrilled to have supported UGE with subscriber acquisition for this innovative rooftop project, and we look forward to managing the subscriptions throughout the life cycle of the project."

UGE had the Spare Cube project appraised by a third party for a fair market value of $2.98 (U.S.)/watt, with a project total of $1.4-million (U.S.). UGE will receive a grant through New York State Energy Research and Development Authority's (NYSERDA) Clean Energy Communities program, which is designed to help incentivize, among other clean energy priorities, the development of community solar programs, and specifically those which serve LMI communities. UGE's grant is expected to total $228,500 (U.S.).

Each year, the Spare Cube project will offset roughly 600 metric tons of CO2 (carbon dioxide), the equivalent produced by burning over 66,000 gallons of gasoline. With the completion of this project, UGE's operating portfolio now stands at 5.3 megawatts, with an additional 17.7 MW of projects currently in the deployment and construction phase of development.

Correction: Green bond private placement broker commission

The press release issued by UGE on Dec. 22, 2023, titled "UGE announces closing of $518,700 (U.S.) private placement of green bonds," stated that a cash commission equal to $24,073 (U.S.) and 17,963 warrants were issued. The following indicates the corrected broker commission amounts:

• As compensation in connection with the private placement, the company paid, in respect of certain subscribers under the private placement, to authorized placements agents on the closing date of the private placement, a cash commission equal to $22,743 (U.S.) and 12,097 warrants of the company, represented by one or more certificates, each broker warrant being exercisable for a period of 24 months to acquire one common share of the company at an exercise price of 94 cents.

About UGE International Ltd.

UGE develops, owns and operates community and commercial solar and battery storage projects. Its distributed energy solutions provide cheaper, cleaner energy to businesses and households throughout the United States. With over 500 megawatts of project experience, it is working daily to make renewable energy accessible and affordable for all.

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