UGE Provides Update on its Largest US Project as it Enters Next Phase
New York, New York--(Newsfile Corp. - March 28, 2019) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in solar energy solutions for the commercial and industrial sector, is pleased to announce an update regarding the five-site rooftop solar portfolio that it was awarded on August 13, 2018.
This is the largest US-based project in UGE's history, with an estimated total revenue in excess of CAD$11 million. The project includes the development, engineering, and deployment of five community solar projects totaling 3.1MW DC in rated capacity in the Northeast US with a confidential client (the "Client").
Since UGE was awarded the project last year, the Company has worked with the Client to plan the engineering and deployment of the projects. Last week, the Client issued the purchase order for the next phase, related to the engineering of the projects, to be completed throughout Q2. Most of the project's revenue relates to the deployment phase, which is expected to commence in H2 2019, with completion expected in H1 2020. Revenue will be recognized as work is completed.
"Our business is ramping up quickly in the Northeast United States," said UGE's Chief Operating Officer Ed Steins. "Community solar is the most important development in years for distributed solar, and we look forward to leveraging our tremendous amount of experience to grow our leadership in the sector."
In related news, the Company has added Ricardo Betts to lead its US deployment team. Mr. Betts has over ten years of experience in renewables, primarily in the North American and Western Europe markets. Ricardo has driven project acquisition, development, execution, and management of over two gigawatts of Commercial & Industrial and Utility-Scale Solar projects. Prior to joining UGE, Ricardo played key roles at Cypress Creek Renewables, Martifer Solar, and Adani Solar.
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 375 MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.
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