UGE Secures Contract to Develop 300 kW Solar Project in Kaladar, Ontario
TORONTO, ONTARIO--(July 14, 2016) - UGE International Ltd. ("UGE") (TSX VENTURE:UGE), a global leader in distributed renewable energy solutions, is pleased to announce that it has secured a contract to design and develop a 300 kilowatt solar project near Kaladar, ON.
The grid-connected project will derive revenue through Ontario's feed-in tariff FIT3 program and builds upon the relationship between UGE, Soventix Canada ("SCI"), and TREC SolarShare Co-operative (No. 1) Inc. ("SolarShare"), Canada's largest non-profit solar power community ownership cooperative, which will finance all construction activities and purchase the commissioned energy generating facility shortly after commercial operation. In partnership with SCI, UGE's wholly owned subsidiary Endura Energy Project Corp. ("Endura Energy") has the role of performing joint project development activities, along with the sole responsibility for all turn-key engineering, procurement and construction functions.
"On the heels of several successful partnerships with UGE and Soventix in Ontario, we are thrilled to announce the addition of the Kaladar site to our portfolio of projects," stated Mike Brigham, SolarShare's President. "By focusing on community solar, we offer individuals the opportunity to financially benefit from our projects while advancing clean and safe solar energy."
This ground-mounted facility, as well as the other SolarShare projects announced May 2, 2016, will utilize an advanced dual-axis solar tracking technology from Morgan Solar ("Morgan"). Morgan's Savanna™ Tracker uniquely features self-ballasting technology and 'drop-in-place' frames for modular building blocks.
"With steadily decreasing feed-in-tariffs under Ontario's FIT Program, developers must use creative means to enhance revenue yields and increase project returns," said Cameron Steinman, Chief Strategy Officer at UGE. "Morgan's dual-axis technology boosts the energy production at an affordable cost per kilowatt-hour, while at the same time mitigating much of the geotechnical risk that traditional ground mounted projects experience. It was a natural choice for us to deploy the Savanna™ Tracker for this portfolio."
Completion of the Kaladar project is expected to generate nearly $1 million CAD of revenue for UGE. Construction is anticipated to begin in the fall of 2016.
"SolarShare, Soventix, and UGE are already well-known for their excellence in solar engineering and project execution throughout Ontario," said Nicolas Morgan, VP Business Development & Marketing for Morgan Solar. "We are honored to be the exclusive tracking technology provider for these projects, as we work toward creating a cleaner energy future locally, and across North America."