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UGE ANNOUNCES Q4 2023 MILESTONES AND BUSINESS UPDATES

UGE International Ltd. has provided milestones and business updates for the fourth quarter ending Dec. 31, 2023.

Four New Projects energized

During the quarter, UGE reached commercial operation on its one-megawatt project in Norway, Me. The company also completed construction and received permission to operate (PTO) for three more projects which together total 1.8 MW. All three projects began generating electricity before the end of the fourth quarter. On Jan. 11, 2024, the company announced that it had reached official commercial operation for one of these three projects -- a 457-kilowatt rooftop in Peekskill, N.Y. The other two are expected to achieve commercial operation in the near future.

UGE has had all four projects appraised by an independent third party. Together the projects are valued at a total of $8.7-million (U.S.) or $3.09/watt.

With the addition of the Norway and Peekskill projects, UGE's operating portfolio now totals 5.3 MW as of Jan. 11, 2024, and will reach 6.6 MW once the remaining two projects achieve commercial operation.

10.3 MW of projects begin Construction

In the fourth quarter, five of UGE's projects totalling 10.3 MW reached the mobilization stage of deployment, which marks the official start of construction. All are currently scheduled to reach commercial operation in 2024. Among these projects are UGE's first in Maryland and Oregon. At 3.5 MW, the Oregon project will also be UGE's largest asset when it joins the company's operating portfolio.

Development complete for 1.4 MW Texas project

UGE's second project in Smithville, Tex., a 1.4 MW ground-mount, reached the final stage of development -- limited notice to proceed (LNTP). The LNTP milestone indicates that UGE has received a signed interconnection agreement from the utility, all non-discretionary permits, an executed lease, an executed power purchase agreement (PPA) (if applicable), or acceptance into the community solar program (if applicable). Notice to proceed (NTP) on the project is expected to occur in the coming weeks, with mobilization in the coming months.

Project financing and green bond placements close

During the fourth quarter, UGE closed on construction and term financing for three projects in New York, Maine and Oregon.

The company also closed two private placements of 9 per cent secured debentures of the company (green bonds). The first closed on Nov. 17, 2023, for aggregate gross proceeds of $1,538,050 and $74,100 (U.S.). The second closed on Dec. 22, 2023, for aggregate gross proceeds of $518,700 (U.S.). Net proceeds from the private placement will be utilized for the development of UGE's solar and energy storage projects.

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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