Toronto, Ontario – July 12, 2021 (Newsfile Corp.) (Investorideas.com Newswire) UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the “Company” or “UGE”), a leader in the commercial and community solar sector, is pleased to announce the following business updates from the second quarter ended June 30, 2021.
During the quarter, the Company surpassed 500MW of experience across 750+ projects. UGE is proud to be part of the world’s transition to renewable energy, and looks forward to accelerating its influence in the years to come.
In the quarter, UGE signed its first two leases in Pennsylvania for a total of 11.2MW, a second lease in Maryland for 2.2MW, and three new projects totaling 3.2MW in the greater New York City area. A 2.5MW project in Maine received local planning board approval as it nears construction later this year. Additionally, the Company brought two projects to full operation in the quarter in Metro New York City, including a five-site project that UGE now owns and operates in Westchester County. These five sites are on the rooftops of a public housing authority development, where all energy from the installation is going directly to its residents, providing them cleaner, more affordable energy.
Two projects on Staten Island totaling 723kW, as well as a portfolio of eight microgrid systems, reached the Notice to Proceed milestone this quarter, with construction set to begin imminently. The microgrid solar and battery storage projects will be built in areas of Staten Island, Brooklyn, and the Rockaways in Queens, which have been identified as particularly vulnerable to flood hazards and resulting grid instability. The microgrids are part of UGE’s RISE:NYC portfolio, and are being developed in partnership with New York City’s Economic Development Corporation (NYCEDC) and the U.S. Department of Housing and Urban Development (HUD).
To keep up with rapidly growing demand for Community Distributed Generation (CDG) solar projects, UGE USA also increased headcount by six across its Origination, Development, and Marketing departments in Q2.
UGE Philippines signed 12 new projects in Q2, totaling 3.9MW in rated capacity. All are expected to become operational by the end of 2022. Across all 12 projects, UGE’s clients are expected to save upwards of 30% on their energy bills by choosing to adopt solar energy.
The projects cover each of UGE’s three regional markets within the country. Seven projects totaling 2.1MW were signed in Cebu, the subsidiary’s home province; three projects totaling 860kW were signed in Luzon, and two projects totaling 550kW were signed in Mindanao.
UGE Philippines hired three new sales team members in the quarter in order to capture the rapidly expanding solar market in the country.
Significant progress was also made in Q2 on existing projects. One 310kW self-financed project in Laguna reached commercial operation, substantial completion was achieved on two projects totaling 825kW, and one 100kW project in Cebu reached Notice to Proceed.
UGEngineering welcomed Edgar Lim as its new Managing Director in Q2. Lim is an industry leader with over 12 years in solar and energy storage who, prior to joining UGEngineering, spent nine years leading technology and procurement for EnterSolar (now EDF).
In addition to working on internal projects, the UGEngineering team made significant strides across six external projects:
- Contracted to complete turn-key engineering for three new net-metering projects in Ontario totaling 312kW
- Supported construction of a 600kW rooftop project in Rockwood, Ontario
- Kicked off the feasibility study for Phase Two of the Pamnoguin Microgrid (Solar + LNG) in Burkina Faso
- Completed feasibility studies for two utility scale projects in California City, CA
UGE develops, owns, and operates commercial and community solar projects in the US and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost. With over 500MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.
For more information, contact UGE at:
+1 917 720 5685
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward looking statements include, but are not limited to, the anticipated closing of the Offering, the anticipated use of proceeds, and the receipt of regulatory approvals, including the approval of the TSX Venture Exchange. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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