UGE Announces Project Updates, Including Completion of Additional Project Milestones
Toronto, Ontario--(Newsfile Corp. - May 15, 2019) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in solar solutions for the commercial and industrial sector, is pleased to announce the following project updates.
UGE reached substantial completion on the last four sites of its Peterborough portfolio earlier this month, meaning that the full 15-site, 9MW portfolio is now operational. The portfolio is the Company's largest to date.
"Building solar projects in Ontario in the winter is a significant challenge and we are very thankful to both the UGE project team and the Peterborough Utilities team for their dedication and perseverance," stated Robert van Duynhoven, President of UGE Canada. "The team leveraged our years of experience to work through every obstacle faced, performing exceptionally throughout."
In addition, UGE's engineering and consulting subsidiary, UGE Consulting Services Co, Ltd., has been awarded a phase one contract to study the feasibility of microgrids in Burkina Faso, as well as a maintenance contract for a previously installed commercial solar project in Ontario. In both cases contract values were below $100,000, but above the Company's 23% gross margin target, with work to be completed in the coming months.
In Minnesota, UGE achieved final completion on two of the last three projects in its four-site schools portfolio that was acquired as part of the CSPC acquisition. The final site, which is the portfolio's smallest, is expected to achieve its final completion within the next four weeks.
In addition, UGE is pleased to announce that its 3.1MW project in the northeast US with a previously unnamed client is with Con Edison, the New York City-based utility, and looks forward to providing further updates as the project progresses.
"UGE is excited to start several new chapters in 2019, as past EPC portfolios are wrapped up and new projects in our US and Philippines markets kick off," said UGE's CEO, Nick Blitterswyk. "This year we expect to build a record number of projects in both markets where we focus on self-developed opportunities."
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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