Toronto, Ontario - April 12, 2021 (Newsfile Corp.) (Investorideas.com Newswire) UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the "Company" or "UGE"), a leader in the commercial and community solar sector, is pleased to announce the following operational updates from the first quarter ended March 31, 2021.
The Company's US market continued its strong momentum in the first quarter, securing several new deals including two community solar projects in New York City, one in Westchester County, one in Maine, and one in Maryland.
The 2.5MW Maryland project is UGE's first in the state as the Company expands geographically into new regions of the US Northeast and Mid-Atlantic. UGE is now working on pipeline opportunities in most states throughout the broader region while also growing its origination and development teams to support its expansion plans.
Meanwhile, UGE's five-building project in Tuckahoe, NY is nearing completion, while two projects in Staten Island, NY are nearing their notice to proceed ("NTP") milestone in Q2. A seven-site portfolio in New York City funded by RISE:NYC, which includes solar and battery storage, is also nearing construction, as UGE expects to submit permit applications for the portfolio in Q2. Project development work continues on many other projects which will reach NTP in the second half of the year, including UGE's first self-financed projects in Maine.
In the Philippines, UGE reached final completion on the largest project in its Robin Group portfolio, as well as substantial completion on the next two projects. In total, the three projects add over 1MW of project capacity to the client-funded portfolio.
Meanwhile, construction is one month ahead of schedule on a self-financed project for a client in Luzon as the rooftop project prepares to be energized in Q2. The project will be UGE's third self-financed project in the Philippines, after its second was energized in the first week of 2021.
UGE also secured two additional projects that have not yet been announced; the larger of the two, with a 1.1MW rated capacity, will be UGE's largest self-financed project in the country once complete. The smaller project is for a repeat client, a diversified corporation active throughout the country. Late in the first quarter, the sales team added three seasoned developers to bolster the acceleration of UGE's growth as the Philippines emerges from the COVID-19 pandemic.
UGE's engineering and consulting practice remains busy, balancing the flow of engineering work for UGE's project development efforts with projects for external clients. In the first quarter, the business unit completed a range of projects to be built across Canada, the US, and Africa, showing the group's diverse capabilities.
At the corporate level, UGE carried its momentum from 2020 into the new year. UGE was named to the 2021 TSX Venture 50 List of Top Performing Companies and completed a US$7 million bought deal financing, which further capitalizes the Company to achieve its growth objectives.
Meanwhile, UGE is closely monitoring the proposed US infrastructure bill which the Company expects would have a significant positive impact on the US solar and distributed generation industry. The proposed 10-year extension of the Investment Tax Credit ("ITC") including a "direct pay" provision is of particular interest to UGE. The provision would significantly increase monetization efficiency of the ITC, especially for companies like UGE that focus on the mid-scale (non-residential and non-utility scale) component of the solar industry.
UGE plans to release its 2020 audited financial results on April 30 and will host an analyst and investor webinar later that day. Interested participants can register for the webinar at www.ugei.com/register.
UGE develops, owns, and operates commercial and community solar projects in the US and strategic markets abroad. Our distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost. With over 400MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.
For more information, contact UGE at:
+1 917 720 5685
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward-looking statements include, but are not limited to, the anticipated closing of the Offering, the anticipated use of proceeds, and the receipt of regulatory approvals, including the approval of the TSX Venture Exchange. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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