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News Update

TICKERS: UGE; UGEID

Commercial Solar Firm's Project Total Continues to Rise
News Update

Source:

In 2020 the company intends to refocus on growth and profitability.

UGE International Ltd. (UGE:TSX.V; UGEID:OTCQB) provided in a news release an update on its projects that are underway and in the hopper in Canada and the faster growing markets, the U.S. and the Philippines.

In the U.S., UGE started deployment in Q4/19 on three sites totaling about 600 kilowatts (600 kW) in New York and New Jersey. The energy company financed the two in New Jersey, meaning it will own and generate recurring revenue from them. All three are expected to be up and running in Q1/20.

UGE obtained the required permits and interconnection approval and delivered more than 1 megawatt (1 MW) worth of solar panels for the first two projects in its largest U.S. portfolio, which is for a major utility company. UGE aims to start construction around the end of Q1/20 on two of the portfolio's locations and follow in summer 2020 with the other three.

Having submitted permit applications for the first group of sites in its RISE portfolio for New York City's Economic Development Corp., UGE expects to start building those in Q2/20.

Also in New York, the company intends begin deployment in Q1/20 of three additional projects, two of which it will finance.

Lastly in the U.S., the company landed a community solar project in Maine, for which it will start delivering equipment by the end of Q1/20.

As for the Philippines, UGE finished five projects there for a total of 500 kW, three of which it financed. It also started work on others, which included procuring and shipping 1 MW worth of solar panels.

"Looking ahead for 2020, UGE has built a robust pipeline in the Philippines and is focused on scaling up its in-country team in both Cebu and Manila," the release noted.

Regarding Canada, a market that has contracted significantly, UGE completed its outstanding engineering, procurement and construction portfolio there to transition out of that business segment. The company completed the last nine sites in its Potentia Renewables portfolio and the final site in its Farmington portfolio.

With respect to UGE's engineering and consulting business, it has been building momentum. The company worked on projects awarded in Q3/19 and Q4/19, including a 2 MW solar project in Georgia, a 5MW project in Northern Canada and an 18MW portfolio in New York. "In 2019 we set our sights on clearing prior projects off our plate and putting a renewed focus on profitable projects in our growth markets," said Chief Operating Officer Robert van Duynhoven.

In another effort to return to growth and profitability in 2020, UGE effected a consolidation of its shares in December 2019.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: none. She or members of her household are paid by the following companies mentioned in this article: none.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: UGE International. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this interview, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of UGE International, a company mentioned in this article.




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