Solar Energy Company Completes Project Milestones

Source: Streetwise Reports 03/05/2019

NYC’s first community solar program figures among the projects, the company says.

UGE International Ltd. (UGE:TSX.V; UGEIF:OTC) recently completed several solar project milestones in key markets located in three continents, it announced in a February 28 press release.

First among UGE’s list of new milestones is what the Toronto-based company described as “the first community solar project developed in New York City.”

The system–called “The 505 Carroll St. project”–started producing clean energy in early February and has a capability of generating 127,000 kilowatt-hours of electricity per year, the company explained. That amount of clean energy should offset the emissions of carbon dioxide produced by driving approximately 220,000 miles, it noted.

“This project sets the tone for UGE being an active participant in the New York community solar system market, an opportunity that UGE expects to grow rapidly in the coming years,” the company added.

On the other hand, UGE helped a technology solutions client to reach commercial operations for two ground mount solar projects located in the state of Maryland, with a combined capability of generating 4.6 megawatts of clean energy. Each megawatt consists of one million watts of electricity.

“UGE was brought in to help the project owner (to) successfully reach this milestone within a tight 2018 timeline,” it explained.

From January to February, UGE also reached “substantial completion” of 5 of its 15 sites in Peterborough, a city in Central Ontario, Canada. In all the five sites, UGE was responsible for all phases, from engineering design to construction and commissioning, the company further explained.

UGE’s 15-sites Peterborough portfolio has a capability of produce 9 megawatts of clean energy and “is expected to be fully operational later this spring,” it anticipated.

The company also included among its recent project milestones a solar system developed for Robin Toys, a toys manufacturer in the Philippines. The system is able to offset over 650,000 kilowatt-hours of energy per year, “reducing Robin Toys’ operating expenses through a cheaper rate of electricity.”

Finally, UGE also announced the completion of more than 30 engineering packages for a fellow Canadian solar system developer that is providing solar energy to schools and hospitals in Nigeria, Western Africa. The company described these projects as “a meaningful social impact story in a region with limited and expensive electricity.”

“We are excited to be at the forefront of the electrification of the under-serviced continent of Africa. These projects aren’t just about fighting climate change and improving the bottom line for system owners; we are changing lives and the direction of a country,” UGE added.

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1) Mario Santana compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.

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( Companies Mentioned: UGE:TSX.V; UGEIF:OTC,
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