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Solar Stock News: UGE (TSXV: UGE) (OTCQB: UGEIF) Announces Contract to Provide 259kW Solar System to New Client, M L'Huillier

 

Cebu, the Philippines - May 22, 2019 (Newsfile Corp.) (Investorideas.com Newswire) UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in providing solar solutions to the commercial and industrial sector, is pleased to announce that it has signed a contract with new client, M L'Huillier, to deploy a solar system for a food processing plant. M L'Huillier is a Philippines-based conglomerate with business segments in food, retail, and restaurants.

This initial solar project has a rated capacity of 259kW, allowing the food processing plant to significantly lower its energy costs. UGE and M L'Huillier look forward to the project being the first of many between the two companies.

"Electricity from the grid is expensive and unstable in the Philippines, with costs being shouldered by the consumer," said UGE Regional Sales Manager, Laurence Pabillore. "The low cost of solar really caught the attention of M L'Huillier management, as well as the enhanced reliability the system provides."

The contract value is approximately US$250,000, with expected gross margins at or above UGE's 23% target. Engineering is underway and construction is expected to occur throughout the remainder of 2019. UGE expects to install a record number of projects in the Philippines this year.

"Solar is rapidly gaining a reputation as the most cost-effective electricity resource in the Philippines," said Arjun Gupta, Regional Deployment Director for UGE. "Most businesses in the country are now considering the addition of solar to their rooftops to minimize their electricity costs and carbon footprint. This is evident from the tremendous growth in projects and clients UGE is currently experiencing, especially over the last six months."

About UGE

UGE delivers immediate savings to businesses through the low cost of solar energy. We help commercial and industrial clients become more competitive by providing low cost distributed renewable energy solutions at no upfront cost and maximum long-term benefit. With over 375 MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.

For more information, contact:

+1 917 720 5685
investors@ugei.com


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