Financed solar project is Company's largest yet in the Philippines
Toronto, Ontario and Cebu City, Philippines--(Newsfile Corp. - February 14, 2019) - UGE International Ltd. (TSXV: UGE) ("UGE" or the "Company"), a global leader in solar energy solutions for the commercial and industrial sector, is pleased to announce it has signed a contract to provide a financed 1.3 MW rooftop solar system for Premier Plaza in Silang, Cavite, the Philippines.
The project is expected to be installed over the next six months and will produce over 50% of the mall's energy demand, solidifying Premier Plaza as a regional sustainability leader while significantly lowering its energy costs, as well. The system will provide solar energy for the mall's facilities and will reduce Premier Plaza's electricity rate by 44%, saving the mall 710 million PHP. Over the project's lifetime, the solar energy produced will offset equivalent greenhouse gas emissions of driving 72.5 million miles.
Premier Plaza, the first shopping mall in Silang, is dedicated to serving the community as a retail and shopping destination. Living up to the pioneering spirit of its owners, it will be the first mall in Silang that will utilize solar technology to offset its energy needs. The project will create a positive environmental impact for the community and fulfill the mall's sustainability goals. UGE looks forward to completing the project within 2019, and to continue lowering energy costs across the client's portfolio thereafter.
"It is wonderful that companies have the opportunity to make a difference in saving the environment, while also improving their operating expenses through fully-financed solar projects," said Ralph Rodrigo, UGE Philippine's Sales Manager. " As more and more Filipinos say yes to solar, more companies will generate significant savings - which can be put back into growing their business."
This is the fifth Philippines-based project announced by UGE in recent months, totaling over 1.8 MW to be built within 2019, further asserting UGE's position as a leader in the country.
Issuance of Options, Debt Conversions
As in the normal course of business, the Company's new CFO was granted 750,000 options, vesting over three years with a strike price of $0.15.
In addition, the Company is pleased to announce it has received approval to convert four balances owed to creditors to shares. The four balances total CAD$130,666.67 and were converted at a price of CAD$0.15 per share, resulting in the issuance of 871,112 common shares. In particular, two officers of the Company, including its Chief Executive Officer, elected to receive certain bonuses owed in the form of equity, which accounted for the majority of the conversion.
UGE delivers immediate savings to businesses through the low cost of solar energy. We help commercial and industrial clients become more competitive by providing low cost distributed renewable energy solutions at no upfront cost and long-term economic benefit. With over 375 MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.
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