UGE Wins Three-Site Solar Rooftop Portfolio with Repeat Philippines Client, Expects Further Sites to be Added
New York, New York--(Newsfile Corp. - April 15, 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 the signing of a three-site, 1.1MW solar rooftop portfolio for a repeat client (the "Client"). UGE is also in late stage conversations with the same client to add three additional projects to the portfolio, including what would be one of the largest rooftop projects in the country, by any company, thus far.
The three projects are located in Metro Manila for a company UGE has successfully worked with in the past. The total value of the portfolio to UGE is over US$1 million with revenues recognized as the project portfolio is completed; gross margins are estimated to be at or above the Company's current target of 20%.
Engineering is underway for the three sites, with construction expected to take place throughout the remainder of 2019. As mentioned, UGE and the Client are in the late stages of finalizing contracts for three additional sites, while exploring the Client's entire real estate portfolio, so it can take further advantage of the economic and environmental benefits of solar power.
"Our client is growing at a rapid rate which is driving their electricity consumption and overall operational costs," said UGE's regional Deployment Director, Arjun Gupta. "Going solar is a game changer for these facilities, as making use of the abundant sunshine offers tremendous cost savings through cheaper energy and lower indoor temperatures, while reducing their overall carbon footprint, as well. Best of all, we increasingly see indications of larger opportunities ahead in this market and look forward to further leveraging our extensive local relationships."
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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