UGE Announces Q1 2020 Updates as Global Solar Experience Tops 400 MW
Toronto- UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in commercial and community solar energy solutions, is pleased to announce that its global solar experience has surpassed 400MW, as one of many milestones reached in Q1 2020.
The following summarizes the Company's milestones and other updates from Q1 2020. The Company experienced the strongest quarter in its history for new Confirmed Orders, driving a 50% growth in Company backlog, which now exceeds USD$45 million.
UGE's US market continued to experience increased activity in Q1 2020. For projects in deployment, UGE reached final completion on a 100kW system in Long Island, New York, as well as mechanical completion on a 130kW project in Montvale, New Jersey. A second Montvale project is nearing the same milestone, which will be completed in Q2 2020.
Meanwhile, UGE confirmed eight new projects in the US, with an estimated project value of over USD$20 million. This was highlighted by UGE's recent announcement, which included an agreement to develop, build, and finance its largest US project yet, a community solar project in Westchester, NY.
UGE also announced that it closed project financing for two New York-based projects. Interested New York City-based energy users are able to subscribe to the projects through the following URL: www.ugei.com/community-solar-marketplace.
UGE's momentum in the Philippines continued, as well. The Company reached final completion on four projects totaling 1.4MW, and substantial completion on two projects, both of which are expected to reach final completion by the end of Q2 2020.
UGE's wholly-owned subsidiary, UGE Philippines, also signed agreements for two new projects in Q1 2020. The clients were Cebu Institute of Technology University, for a 97 kW solar energy system, and Lite Port Properties Inc., for a 200 kW project at a commercial mall complex in Bohol.
Engineering and Consulting Services
Meanwhile, UGE's consulting division, "UGEngineering", completed several assignments, both for external clients and UGE's US and Philippines project development subsidiaries. The division completed assignments for three external clients, including Issued for Construction drawings for 18MW of projects in New York State and front end project engineering design in Ontario. In Q2 2020, the division looks to complete assignments for its first project located in California, repowering projects in Ontario, and microgrid projects in Africa, as well as the increasing list of projects for UGE's US and Philippines subsidiaries.
At the corporate level, UGE celebrated the 400MW milestone by recording its strongest quarter ever for Confirmed Orders at over USD$20 million, and estimates that its project backlog is now between USD$45-50 million. The Company also neared closure of its Canadian EPC subsidiary as creditors voted to accept UGE Canada RE Ltd's proposal on February 14, 2020. Because of COVID-19, the court's approval of the Proposal has been pushed back to a later date, to be determined. The Company also will release its 2019 audited financial statements before the end of April 2020.
Lastly, the Company continues to manage through the ramifications of COVID-19. Although construction progress has slowed based on local restrictions, each of the Company's subsidiaries have proactively taken steps to temporarily decrease spending and will focus on accelerating schedules once such local restrictions are lifted. New project development continues at a rapid pace, as demonstrated by the significant number of new projects won in recent weeks. UGE expects to move several of these new projects into the construction phase before the end of the year.
For more information, contact:
+1 917 720 5685