UGE Adds Additional Solar Site to Previously Announced Portfolio for Philippines Client
New York, New York--(Newsfile Corp. - January 9, 2020) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEID) (the "Company" or "UGE"), a leader in commercial and community solar energy solutions, is pleased to announce the signing of an additional project for a repeat client in the Philippines. The portfolio is now UGE's largest portfolio outside of North America. The client is The Robin Group ("Robin"), a leading toy manufacturer for both the domestic and export markets.
UGE contracted an initial project with Robin in late 2017, which led to UGE building the 500kW solar system, announcing its completion February 28, 2019. Based on the success of the initial project, conversations commenced soon thereafter to develop and build additional solar systems within Robin's large real estate portfolio. Three additional projects were announced in April 2019, one of which is now complete and the remaining two expecting to be completed in Q1 2020.
Robin is a contract manufacturer for many of the world's leading toy brands and recently awarded UGE Philippines an additional site. This additional project, located in Cebu, has a rated peak capacity of 395 kW, and is expected to be installed throughout the first half of 2020. Revenue for this additional site is expected to be approximately $0.4 million USD and gross margins are estimated to be in line with the Company's 2020 goals for projects purchased by end-user clients, as outlined in the Company's investor presentation available on its website.
UGE and Robin are discussing further expansion opportunities and expect to add additional sites to the portfolio, providing Robin the opportunity to take further advantage of the economic and environmental benefits of solar power.
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 380 MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.
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