UGE Announces Summer Project Updates, Including Final Completion on its Largest Portfolio to Date
Toronto, Ontario--(Newsfile Corp. - July 23, 2019) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in solar solutions for the commercial and industrial sector, is pleased to announce the following project updates.
UGE reached final completion on all 15 sites in the Peterborough portfolio, meaning that the full 9MW portfolio is now complete. As previously disclosed, the portfolio is the Company's largest to date.
Within the last three months, UGE also reached final completion on 12 projects for Ontario-based client, Potentia Renewables. The Company expects to achieve the same milestone on a similar number of projects with Potentia in the third quarter, which represents almost all of the work required to fully complete the 29-site portfolio.
In addition, UGE's subsidiary, UGE Consulting Services Co., has completed both a microgrid feasibility study in Burkina Faso and a maintenance contract with a client in Ontario. UGE Consulting Services Co. has also been awarded a contract for a City of Toronto project where UGE's scope of work includes engineering and technical services for a 750 kW rooftop project.
UGE achieved final completion on the last project in its Farmington, Minnesota portfolio. This portfolio of four rooftop sites includes the largest school system in the State.
Many new projects are starting in the US market. As announced earlier this month, UGE signed a contract with NYCEDC that will see ten solar plus storage microgrid systems installed throughout New York City and is busy preparing for their installation. UGE is also preparing for the installation phase of its previously announced 3.1MW, five-site portfolio with the New York City-based utility by working through the engineering phase and commencing procurement.
In total, UGE USA has 14 projects which have recently received interconnection approval or are in the interconnection review phase, with utility approvals on all of them expected over the next three months. These projects represent a significant pipeline and source of future revenue.
UGE reached substantial completion on the final site of the 3.9MW portfolio for Nature's Spring, making the beverage company one of the largest self-consumers of renewable energy in the Philippines. Additional projects with this client are expected as their expanded facilities come online. This is a separate client from the three-site portfolio announced in April, for which deployment has begun. Additional projects with this unnamed client are also expected to be secured in due course, with the goal to add solar to their entire building portfolio in the coming years.
Six additional sites have entered construction for new clients, including the first tranche of green bond financed projects.
UGE's CEO, Nick Blitterswyk, commented: "It's an exciting time for the Company. The repositioning of UGE is apparent as we complete previously won projects while starting many new ones in our growth markets. We anticipate our new strategy will drive revenue in the second half of this year and beyond."
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 maximum long-term benefit. With over 380 MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.
For more information, contact:
+1 917 720 5685
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