UGE Announces Financed Solar Contract With Lonbisco
Central Visayas, Oct 26, 2018 (Issuewire.com) - 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 with Lonbisco in the Philippines to provide it with a rooftop solar system through a financed contract.
The contract with Lonbisco is the first signed by UGE after announcing the closing of its inaugural “project green bond” earlier this week, which enables the Company to provide project financing to qualified clients in each of its three key markets. Through UGE’s ‘no cash out’ financing, Lonbisco will save approximately 40% on their energy costs from the electricity provided by the rooftop solar system. Energy costs in the Philippines are some of the highest throughout Asia, while solar costs continue to decline, making it a “win-win” for all parties involved.
Lonbisco is a leading packaged foods company, with facilities throughout the country. UGE looks forward to completing this initial project over the next six months, and for further opportunity to work with Lonbisco to lower its energy costs and decrease its carbon footprint across its broader portfolio. The initial project size is 100 kW and is estimated to save the client approximately ₱25 million over the project lifetime.