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TICKERS: UGE; UGEIF

Solar Energy Firm Sets Record for Confirmed Orders in Q1/20
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Source:

UGE International also completed several projects during the quarter.

UGE International Ltd. (UGE:TSX.V; UGEIF:OTCQB) announced in a news release the milestones it achieved in Q1/20.

In terms of confirmed orders, Q1/20 was the strongest quarter in the company's history. The new orders increased UGE's project backlog by 50% and took its value to $4550 million. Also during the quarter, UGE's "global solar experience has surpassed 400 megawatts (400 MW)," the release noted.

In the United States, the solar energy solutions firm completed a 100 kilowatt (100 kW) solar energy installation in Long Island, N.Y., and mechanically completed a 130 kW project in Montvale, N.J. It confirmed eight new U.S. projects, the total estimated value of which is $20 million, including its largest U.S. project yet, a community solar project in Westchester County, N.Y. UGE also closed the financing for two projects in New York.

In the Philippines in Q1/20, UGE finished four jobs totaling 1.4 MW. UGE Philippines signed agreements for two new projects, one with the Cebu Institute of Technology University for a 97 kW system and the other with Lite Port Properties Inc. for a 200 kW project at a mall in Bohol.

Similarly, UGE Engineering completed various projects, for internal clients and for UGE's subsidiaries. They included construction drawings for 18 MW of projects in New York and front end engineering design for a project in Ontario.

UGE also reported that in light of COVID-19, all of its subsidiaries have taken proactive steps to decrease spending. Though local coronavirus restrictions have slowed deployments of the company's solar energy solutions, the subsidiaries intend to accelerate schedules once restrictions are removed. According to the release, "UGE expects to move several of its new projects into the construction phase before the end of the year."

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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.
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