Project development proceeds unabated while deployment accelerates into quarter-end
Toronto, Ontario--(Newsfile Corp. - July 13, 2020) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in commercial and community solar energy solutions, is pleased to announce these operational updates from the second quarter of 2020.
The second quarter started off amidst the unprecedented COVID-19 pandemic, which temporarily limited construction progress but failed to slow the Company's momentum in developing new projects, with backlog growing further throughout the quarter. By the end of the quarter, construction activities had resumed in all of the Company's markets, leading to the achievement of several project milestones, as well.
UGE USA:
In the US, UGE moved several projects through the development cycle this quarter, as the project backlog matures towards deployment. The Company's largest US project, which is expected to include energy storage and will be built on a corporate campus in Westchester, NY, started its interconnection study. Meanwhile, three of UGE's solar plus storage projects in New York City, being developed and built for NYCEDC, received Department of Buildings approval. These are the first of UGE's projects to make it through FDNY's arduous energy storage and fire safety regulations.
As construction restarted, five solar projects reached notable milestones in Q2, in New York, New Jersey, and Maine. One of UGE's two self-financed solar projects in New Jersey completed utility interconnection, with the second just weeks away. The two systems, totaling 440kW, will offset 6,773 metric tons of CO2 and will produce enough electricity to power the equivalent of 44 homes for 25 years.
Near quarter-end, UGE began to deploy two community solar projects in New York City. The Company mobilized one 200kW project in June and will mobilize the other 300kW site in July. These projects will be the first two community solar systems owned and operated by UGE, adding to UGE's operating portfolio when they reach commercial operation, which is expected this fall.
In Maine, construction of the first community solar project in Maine is underway. This is a significant milestone for the Maine solar market, as the state will see a number of such projects built in the coming years. UGE expects to start construction on two additional Maine community solar projects, totaling 4MW, this fall. Further, UGE committed an additional 6.5MW of new projects in Maine in Q2, further adding to the Company's backlog.
UGE Philippines:
In the Philippines, UGE signed 433kW of new projects with logistics and agriculture sector clients. Growing momentum near the end of the quarter was driven by UGE's first-in-country financed structure, which helps clients navigate through the COVID-19 pandemic by providing them with electricity cost-free for the first six months of their contract.
Meanwhile, UGE Philippines's deployment team made up for lost time during the second half of Q2 by delivering major equipment to three project sites totaling 1.5MW, one of which is now close to mechanical completion.
UGEngineering:
UGE's engineering and consulting practice, UGEngineering, completed projects for clients in North America and began work on projects in the Carribbean and Africa. In North America, completed projects involved full engineering packages for rooftop projects in California and Ontario, along with front-end design and utility interconnection approval of a ground-mount project in Alberta. Newly contracted projects include design packages for ground-mount projects in Ontario and Puerto Rico, and a micro-grid project in Burkina Faso.
About UGE International Ltd.
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 400MW 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
investors@ugei.com
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