Toronto, Ontario - July 12, 2022 (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, announces milestones and business updates for the second quarter ending June 30, 2022.
Record Backlog Growth Sets Milestone
In the second quarter, the Company's project backlog (stages 3.1-5) increased over 35% and now totals 195MW, versus 144MW at the end of the prior quarter. The 51MW increase in one quarter is the largest in UGE's history. In total, UGE has 381MW of projects in development and a pre-development pipeline (stages 1 and 2) in excess of 900MW.
Backlog growth included the Company's first community solar project in Delaware, thirteen storage and solar-plus-storage projects in Massachusetts, and two new industrial rooftop projects in metro New York City. The New York projects are with long-term partner Wildflower Ltd.
Operating Portfolio Grows
During the quarter, two projects in metro New York City totaling 723kW reached commercial operation, while a third project in the region with a capacity of 740kW reached mechanical completion. Pending utility interconnection planned for July, the Company expects this third site to be operational in the coming weeks. In Maine, a 1MW project in Norway, Maine achieved the Notice to Proceed milestone.
Also in Maine, the Company received interconnection approval on a 1MW project and anticipates achieving the Notice to Proceed milestone in Q3. UGE has an additional 11 projects totalling 24MW under development in the state with several additional NTPs scheduled throughout the remainder of 2022.
Outside of UGE owned and operated projects, deployment progress also continued. Five of the ten microgrid projects developed in partnership with the New York City Economic Development Corporation (NYCEDC) and the US Department of Housing and Urban Development (HUD) reached commercial operation, with a sixth substantially completed. In the Philippines, a 100kW project reached commercial operation, a 374kW project reached substantial completion, and a 143kW project reached construction mobilization.
UGE Capital Secures Project Financing
In late June, the Company announced that it closed a project debt and tax equity facility with Twain Financial to finance six of the community solar projects UGE is developing in Maine. The US$25 million facility includes both construction-to-term debt and tax equity, allowing UGE to efficiently execute on the deployment of this portfolio and others to come.
Growth Continues for UGEngineering
In addition to adding $340,000 of new deals contracted in Q2, UGEngineering worked on 45 active Commercial & Industrial and Utility-scale projects, including two rooftop solar projects for the world's largest industrial real estate company in California.
Second Green Bond Offering of 2022 Announced
After the successful closing of approximately CAD$3 million of green bonds on April 8, 2022, the Company announced on July 5, 2022 the private placement of an additional CAD$3 million issuance. This marks the fourth such issuance in the Company's history.
About UGE
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 500MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com. For more information, contact UGE at: investors@ugei.com or +1 917 720 5685.
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