UGE Selected to Build 374kW Solar Project for Oroquieta Bayfront Park & Arena
Cebu, Philippines–(Newsfile Corp. - May 9, 2019) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the “Company” or “UGE”), a leader in solar energy solutions for the commercial and industrial sector, is pleased to announce that it has signed a contract to design and build a 374kW solar system on the rooftop of a new stadium being built in Oroquieta City, Mindanao, Philippines.
Oroquieta Bayfront Park and Arena is a new multi-use development on the island of Mindanao, Philippines, featuring a sports stadium, park, shopping mall, and office buildings. It was developed by the city of Oroquieta and constructed by Montano Construction and Development Corp. to be a state-of-the-art facility, contributing to the economic growth and community development of Oroquieta. Mayor Jason Almonte stated: “It is my dream to make Oroquieta a new economic destination through the city’s infrastructure program, letting people experience the good life both socially and economically.”
“As a lifelong advocate for sports, healthy living, and protecting the environment, I’m excited to play a part in Oroquieta’s sustainable development,” said UGE Philippine’s board member and retired basketball legend, Ramon Fernandez. “Powering the facility with clean, renewable energy ensures that the development of the Philippines’ athletic programs and local economies support the clean air and water we all need to thrive.”
UGE was chosen to engineer and build the project based on its extensive experience in the commercial solar sector. The project is expected to generate approximately US$400,000 in revenue to UGE, with gross margins at or above the Company’s 23% target. The project will be constructed throughout the balance of 2019.
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.
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+1 917 720 5685
UGE Announces Project Updates, Including Completion of Additional Project Milestones
Toronto, Ontario–(Newsfile Corp. - May 15, 2019) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) (the “Company” or “UGE”), a leader in solar solutions for the commercial and industrial sector, is pleased to announce the following project updates.
UGE reached substantial completion on the last four sites of its Peterborough portfolio earlier this month, meaning that the full 15-site, 9MW portfolio is now operational. The portfolio is the Company’s largest to date.
“Building solar projects in Ontario in the winter is a significant challenge and we are very thankful to both the UGE project team and the Peterborough Utilities team for their dedication and perseverance,” stated Robert van Duynhoven, President of UGE Canada. “The team leveraged our years of experience to work through every obstacle faced, performing exceptionally throughout.”
In addition, UGE’s engineering and consulting subsidiary, UGE Consulting Services Co, Ltd., has been awarded a phase one contract to study the feasibility of microgrids in Burkina Faso, as well as a maintenance contract for a previously installed commercial solar project in Ontario. In both cases contract values were below $100,000, but above the Company’s 23% gross margin target, with work to be completed in the coming months.
In Minnesota, UGE achieved final completion on two of the last three projects in its four-site schools portfolio that was acquired as part of the CSPC acquisition. The final site, which is the portfolio’s smallest, is expected to achieve its final completion within the next four weeks.
In addition, UGE is pleased to announce that its 3.1MW project in the northeast US with a previously unnamed client is with Con Edison, the New York City-based utility, and looks forward to providing further updates as the project progresses.
“UGE is excited to start several new chapters in 2019, as past EPC portfolios are wrapped up and new projects in our US and Philippines markets kick off,” said UGE’s CEO, Nick Blitterswyk. “This year we expect to build a record number of projects in both markets where we focus on self-developed opportunities.”