Toronto, Ontario--(Newsfile Corp. - June 24, 2021) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in commercial and community solar energy solutions, is pleased to announce nine new projects signed by its UGE Philippines subsidiary, totaling 3MW in rated capacity. The nine projects are expected to become operational by the end of 2022. Across all nine projects, UGE's clients are expected to save upwards of 30% on their energy bills by choosing to adopt solar energy.
The nine projects cover each of UGE's three regional markets within the country - Cebu, the subsidiary's home province, Luzon, and Mindanao. The projects signed include:
Cebu:
- Two projects totaling over 600kW in capacity with a top national mall chain;
- One project with a 700kW capacity with one of the oldest noodle manufacturers in the region, and;
- Two projects totaling 450kW covering two grain processing terminals owned by a logistics company.
Luzon:
- Two projects totaling 670kW across two cold storage facilities in Cavite.
Mindanao:
- Two projects totaling 550kW for two ice plant facilities.
"I am enthusiastic about the growth we are experiencing in the Philippines this year," said UGE Philippines' Director of Development, Sebastian Thomas. "Given the significant savings solar offers our clients, the time is ripe for businesses in the Philippines to adopt solar energy. We have added several talented members to our business development team over the last six months, which helped drive 60% backlog growth so far this quarter. We expect our momentum to continue through the remainder of the year."
As of March 31, 2021, UGE Philippines' 5.1MW of backlog represented 7% of UGE's overall backlog, within the 5-15% range UGE expects going forward.
About UGE
UGE develops, owns, and operates commercial and community solar projects in the US and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost. 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 UGE at:
+1 917 720 5685
investors@ugei.com
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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