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TICKERS: UGE; UGEIF

Solar Energy Firm's Momentum Continued Unabated in Q2/20
News Update

Source:

UGE International's backlog of contracts in the U.S. and the Philippines increased.

In a news release, UGE International Ltd. (UGE:TSX.V; UGEIF:OTCQB) announced its project achievements in Q2/20.

During the quarter, UGE continued its project development uninterrupted, and its backlog grew. Its construction work was limited at the quarter's beginning due to COVID-19 but soon picked back up in all markets.

The company began the interconnection study for its largest project in the United States, on a Westchester County, N.Y., corporate campus. The company received approval from the Department of Buildings for three New York solar projects that include storage being developed and built for NYCEDC. "These are the first of UGE's projects to make it through FDNY's arduous energy storage and fire safety regulations," the firm stated.

Construction of the first community solar project in Maine is underway. "This is a significant milestone for the Maine solar market, as the state will see a number of such projects built in the coming years," the company noted. UGE expects to begin construction on two additional community solar projects in Maine this year.

The energy firm completed interconnection on one of its two self-financed, New Jersey solar projects. In New York City, it started to deploy two community solar projects.

In the Philippines, UGE committed to new projects totaling 433 kilowatts for clients in logistics and agriculture.

"Growing momentum near the end of the quarter was driven by UGE's first-in-country financed structure, which helps clients navigate through the COVID-19 pandemic by providing them with electricity cost free for the first six months of their contract," the release noted.

Regarding construction, the energy firm delivered major equipment to three project locations.

UGEngineering, the firm's engineering and consulting division, it developed full engineering packages for rooftop projects in California and Ontario, Canada. For a project in Alberta, it received front-end design and utility interconnection approval. It landed contracts for ground-mounted projects in Ontario and Puerto Rico and a microgrid project in Burkina Faso.

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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.
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