UGE International Leverages Recently Announced Solar PPA Facility to Supply Solar Energy System for Redwood Group
20-year Power Purchase Agreement to Provide Affordable Solar Electricity to Logistics Facility at No Upfront Capital Cost
BEIJING--(Apr 15, 2015) - UGE International Ltd. (www.ugei.com) (TSX-V: UG) (OTCQB: UGEIF), a leader in renewable energy solutions for business and government customers, has been selected to supply a solar energy system at the Beijing facility of The Redwood Group, a specialized logistics investment firm. Financed with a Power Purchase Agreement at zero upfront cost to Redwood, the 248kW on-site solar energy system will significantly reduce energy costs, operating expenses, and the firm’s carbon footprint.
The UGE solar system is the first fully-financed project for The Redwood Group in China, and will reduce the facility’s electricity rates in the first year, and every year thereafter. UGE will supply the full end-to-end solution, including system design, procurement, and installation, and financing. The project is fully financed through the recently announced partnership between UGE and Blue Sky Energy Efficiency.
"The Redwood Group is making a powerful choice by utilizing on-site solar energy," said Rosie Pidcock, Senior Business Development Manager at UGE. "They are immediately lowering their energy prices, while hedging against China’s rising commercial power prices, which continue to climb every year.”
Sustainability is an important aspect of Redwood’s corporate responsibility, and the on-site solar system will not only reduce operating costs, but will complement the company’s commitment to building energy efficient warehouses, as well.
“Redwood prides itself on its commitment to sustainability”, said Oliver Treneman, Managing Director of the Redwood Group. “The Beijing project is the first of many that will solidify our commitment to China’s push for sustainable buildings.”
Renewable energy deployment continues to grow rapidly in mainland China. UGE has designed energy solutions leveraging solar, wind and battery storage for customers in China including BMW, GE, and the Cities of PingQuan and Tangshan, as well as worldwide for customers such as Whole Foods, Hilton, and Dropbox.
UGE is a leading developer of distributed renewable energy solutions for business and government clients with projects in over 90 countries, including several for Fortune 1000 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 commercial energy challenges.
About The Redwood Group
The Redwood Group (Redwood), founded in 2006 by Charles de Portes and Stuart Gibson, is operated by senior local professionals in Singapore, Japan and China. Redwood, along with its significant global institutional investor partners, invests in, develops and manages logistics real estate in the largest metropolitan areas of Asia most tied to and growing fastest with global trade. The senior executives of Redwood have in combination developed, acquired and managed over 4 billion USD of distribution space globally, in seven countries totaling over 5 million m2.
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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 orresults to differ materially from the events, performance and results discussed inthe forward-looking statements, such as the economy, generally, competition inits 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 orcircumstances. Actual events or results could differ materially from UGE'sexpectations and projections.