UGE and OTEPI Continue Success in Panama by Providing Solar to Mega Storage
NEW YORK, NY and PANAMA CITY, PANAMA- Sep 3, 2015 - UGE International Ltd. (TSX VENTURE: UG) (OTCQB: UGEIF), a global leader in distributed renewable energy solutions for businesses, and OTEPI Renewables, an energy-related company subsidiary of OTEPI Group (founded in 1967), announced they will design and install solar systems for all of Mega Storage's locations in Panama. The custom photovoltaic arrays will offset over 30% of the electricity used by the buildings, providing significant savings for Mega Storage.
"In choosing to use solar, we reduce our electricity expenses, avoid the volatile price of electricity, and show a commitment towards the environment," said Orlando Wong, General Manager of Mega Storage. "We are proud to be pioneers in the self-storage industry in Latin America generating onsite electricity through solar modules."
The deployment of distributed renewable energy is growing across Latin America, with Panama especially well positioned for significant growth. According to GTM Research, Latin America overall is on track to add 2.1 gigawatts of solar capacity in 2015.
"Panama has an abundance of solar resources," said Luis Paul, CEO of OTEPI. "We offer commercial customers the ability to save money while meeting their critical energy needs by tapping into this resource."
Since announcing a strategic partnership to serve the great Central American region late last year, UGE and OTEPI have been busy securing clients in this fast growing market. Currently UGE and OTEPI have more than 25 commercial sites under development and installation for customers in Panama and neighboring countries.
"Together, UGE and OTEPI offer businesses in Panama the ability to immediately lower their energy bills with onsite solar," said Frank Schreiber, head of Business Development for UGE in Panama. "We've already seen evidence of the rapid growth of distributed generation. Through this strong partnership, we are confident that we can meet this growing demand and continue to lead in the deployment of renewables across the country."
About Mega Storage
Mega Storage is a self-storage company, with its first facility built in 2010 in the area of San Francisco, Ciudad de Panama. Today, it operates four separate facilities throughout Panama and Colombia and is developing two new facilities.
OTEPI is an Engineering and Project related Group founded in 1967. OTEPI Renewables concentrates on distributed renewable energy solutions for current and potential clients looking for sustainable and optimal energy consumption.
UGE is a leading full service renewable energy provider for commercial and industrial clients, with over 2,000 installations in more than 100 countries. Leveraging project financing and its proprietary technology platform, UGE deploys solar and microgrid energy solutions to reduce energy costs and increase resiliency, while making the world more sustainable.
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Statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, competition in its target markets, the demand for UGE's products and the availability of funding. These forward-looking statements are made as of the date hereof and UGE does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from UGE's expectations and projections.