UGE and OTEPI Renewables Form Strategic Partnership; Jump-Start Commercial Solar Systems in Panama
On-Site Renewable Energy Production Poised for Massive Growth in Central and South America
NEW YORK, NY--(Marketwired - Sep 18, 2014) - UGE (www.ugei.com) (TSX VENTURE: UG) (PINKSHEETS: UGEIF), a global leader in renewable energy solutions for enterprise customers, today announced a strategic partnership with OTEPI Renewables, an energy-related company founded in 1967, with a focus on rapidly advancing commercial solar installations in Panama. Along with the partnership, UGE and OTEPI announced they have secured an order to supply one of the first net-metered rooftop solar systems in Panama, along with additional plans to deploy multiple megawatts of solar energy by the end of 2015.
"Panama's economy is growing and solar energy is the ideal way to solve the business community's electricity challenges," said Joshua Rogol, Director of Business Development at UGE. "UGE and OTEPI have a winning combination of global and local expertise to be the leader in on-site renewable energy for the commercial sector in Panama."
UGE and OTEPI announced they will supply a 190kW rooftop system for a commercial warehouse in Panama City, which will produce more than half of the facility's energy and will also feed energy back into the grid during peak demand.
Last year, Panama passed legislation that supports solar energy production and the country introduced net metering for renewable energy projects up to 500kW in 2008.
"UGE and OTEPI Renewables are working side by side to contribute to a rise in solar within the Panamanian energy matrix," said Luis Paul, CEO of OTEPI. "We see immense growth in interest in this market over the next several years, and, together with UGE, are poised to meet this demand."
Central America is attracting global attention from the solar industry, as it prepares to install 1.5 GW of PV capacity from 2012 through 2018, according to IHS Technology. Much of Latin America faces high electricity costs, and abundant solar resources make the region especially favorable for renewable energy deployment.
In addition to Panama, UGE has extensive experience in Central and South America. Also this week, UGE and partner Fusion LatAm secured a contract to provide power systems for 90 telecommunications sites in Colombia, ensuring that some of the country's most remote areas are able to stay connected. The combined value of the contracts is approximately $450,000 USD and management expects to fulfill both contracts before the end of 2014.
"Latin America's commercial sector is rife with opportunity to utilize renewable energy," said Itai Biederman, who leads UGE's business development efforts in Latin America. "UGE's leading technology and on-the-ground partnerships put us in a unique position to spur rapid adoption throughout the region."
UGE is a leading developer of distributed renewable energy solutions for enterprise clients with projects in over 90 countries, including several for Fortune 1,000 companies. Leveraging its proprietary technology platform, UGE deploys modular energy systems that solve clients' challenges at the nexus of cost, resiliency and sustainability. From solar and wind systems, to microgrids and off-grid lighting, UGE is the solution provider of choice for enterprise energy challenges.
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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.