Solar Power Solutions Firm to Install 1.1MW More Capacity for Repeat Client

Source: Streetwise Reports   04/16/2019

This U.S.-based company continues to expand its presence in the international market.

UGE International Ltd. (UGE:TSX.V; UGEIF:OTC) announced in a news release that a repeat client in the Philippines contracted it to install a three-site, 1.1-megawatt system.

“The total value of the portfolio to UGE is over $1 million with revenues recognized as the project portfolio is completed; gross margins are estimated to be at or above the company’s current target of 20%,” the release noted.

Engineering for the project is underway, and construction is expected to take place through 2019. UGE has nearly finished finalizing contracts with the client to expand its solar portfolio to another three sites.

“Our client is growing at a rapid rate, which is driving their electricity consumption and overall operational costs,” said UGE’s regional deployment director, Arjun Gupta. “Going solar is a game changer for these facilities, as making use of the abundant sunshine offers tremendous cost savings through cheaper energy and lower indoor temperatures, while reducing their overall carbon footprint, as well. Best of all, we increasingly see indications of larger opportunities ahead in this market and look forward to further leveraging our extensive local relationships.”

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