UGE Works with Export Development Canada to Arrange Construction Finance Facility for International Commercial Solar Projects
Toronto, ONTARIO -- (November 7, 2016) - UGE International Ltd. (“UGE” or “the Company”) (TSX VENTURE: UGE) (OTCQB: UGEIF), a leader in renewable energy solutions for the commercial and industrial sector, today announces that it has arranged a construction finance facility backed by Export Development Canada (“EDC”) to provide the Company with competitive construction financing for the development of its international solar projects.
In addition to UGE being a market leader in Ontario, through its wholly owned subsidiary Endura Energy Project Corp. (“Endura”), UGE is active in several international markets, including the Northeast United States and the Philippines. The facility strengthens UGE’s competitive advantage in these international markets, allowing the Company to bring its expertise built in the Ontario market to the global stage. Construction financing can be one of the more expensive and difficult sources of capital to attain in the commercial solar industry.
“Since our acquisition of Endura earlier this year, we have looked for ways to leverage our wealth of experience in Canada to international markets,” said Jimmy Vaiopoulos, CFO of UGE. “EDC is an incredible partner for Canadian companies expanding their economic opportunities abroad. We are excited about how this will not only benefit our customers, but will enhance Canada’s reputation as a leader in clean energy.”
The first UGE project to leverage the facility will be its recently announced rooftop solar project in Brooklyn, NY. The project, for Christian Cultural Center, will see the Company install 261 kW of solar panels at one of the largest independent churches in the United States. UGE and EDC expect to work together on a revolving basis to create more opportunities for solar energy projects in a number of international markets.
“Supporting the development of clean technologies like solar energy is one of EDC’s priorities, and Endura has proven itself to be a leader in that space with great potential for international growth,” said Stephen Callaghan, Regional Vice-President, Ontario, and Export Development Canada. “We’re happy to have worked out a solution with Endura’s bank that will help spur that growth, and we can’t wait to see what the future holds for this promising Canadian company.”