UGE Secures Contract to Develop 300 kW Solar Project in Kaladar, Ontario
Marketwired
TORONTO, ONTARIO--(Marketwired - Jul 14, 2016) - UGE International Ltd. ("UGE") (TSX VENTURE:UGE), a global leader in distributed renewable energy solutions, is pleased to announce that it has secured a contract to design and develop a 300 kilowatt solar project near Kaladar, ON.
The grid-connected project will derive revenue through Ontario's feed-in tariff FIT3 program and builds upon the relationship between UGE, Soventix Canada ("SCI"), and TREC SolarShare Co-operative (No. 1) Inc. ("SolarShare"), Canada's largest non-profit solar power community ownership cooperative, which will finance all construction activities and purchase the commissioned energy generating facility shortly after commercial operation. In partnership with SCI, UGE's wholly owned subsidiary Endura Energy Project Corp. ("Endura Energy") has the role of performing joint project development activities, along with the sole responsibility for all turn-key engineering, procurement and construction functions.
"On the heels of several successful partnerships with UGE and Soventix in Ontario, we are thrilled to announce the addition of the Kaladar site to our portfolio of projects," stated Mike Brigham, SolarShare's President. "By focusing on community solar, we offer individuals the opportunity to financially benefit from our projects while advancing clean and safe solar energy."
This ground-mounted facility, as well as the other SolarShare projects announced May 2, 2016, will utilize an advanced dual-axis solar tracking technology from Morgan Solar ("Morgan"). Morgan's Savanna™ Tracker uniquely features self-ballasting technology and 'drop-in-place' frames for modular building blocks.
"With steadily decreasing feed-in-tariffs under Ontario's FIT Program, developers must use creative means to enhance revenue yields and increase project returns," said Cameron Steinman, Chief Strategy Officer at UGE. "Morgan's dual-axis technology boosts the energy production at an affordable cost per kilowatt-hour, while at the same time mitigating much of the geotechnical risk that traditional ground mounted projects experience. It was a natural choice for us to deploy the Savanna™ Tracker for this portfolio."
Completion of the Kaladar project is expected to generate nearly $1 million CAD of revenue for UGE. Construction is anticipated to begin in the fall of 2016.
"SolarShare, Soventix, and UGE are already well-known for their excellence in solar engineering and project execution throughout Ontario," said Nicolas Morgan, VP Business Development & Marketing for Morgan Solar. "We are honored to be the exclusive tracking technology provider for these projects, as we work toward creating a cleaner energy future locally, and across North America."
About UGE International
UGE delivers immediate savings to businesses through cleaner electricity. We help commercial and industrial clients become more competitive through the low cost of distributed renewable energy. With over 330 MW of experience globally, we work daily to power a more sustainable world. Visit us at www.ugei.com.
About SolarShare
SolarShare is Canada's foremost non-profit renewable energy co-operative, developing commercial-scale solar energy projects and enabling Ontarians to invest in them. The co-op was founded in 2010, currently owns over 6.5 MW of generation capacity, and is in the process of adding more than 6.3 MW to its portfolio. SolarShare's success is based on its over 1,100 members who are passionate about investing in renewable energy and have purchased more than $18,000,000 in Solar Bonds. SolarShare has proven that earning a financial return while promoting a clean, safe energy future is 100% possible today. solarbonds.ca
About Morgan Solar
Based in Toronto, Ontario, Morgan Solar is a technology company founded in 2007 with the goal of making unsubsidized solar energy competitive with traditional sources of generation. It has pioneered an entirely new approach to the design and manufacture of solar modules and Balance of System (BOS) components. The result is market-disruptive products that will lead the industry in efficiency, durability and low cost. To learn more about Morgan Solar, visit morgansolar.com.
About Soventix Canada
Soventix Canada is dedicated to delivering solar energy solutions that contribute to a sustainable energy future. Located in Toronto since 2010, Soventix Canada is a stand-alone subsidiary of a German headquartered, international solar energy developer with operating subsidiaries in the UK, Chile, South Africa, Canada, USA and Dominican Republic. Soventix Canada focuses on the development and construction of medium to large-scale solar energy installations in North American markets. The Soventix Group's expertise in the solar industry and the support of internationally recognized premium manufacturers enables it to realize high-performing photovoltaic power plants and to provide a variety of services including planning and development, financing and management, as well as service and operation. For more information on Soventix please visit: www.soventix.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the completion of the Portfolio, the economy generally, competition in its target markets, the demand for UGE's products and the availability of funding. These forward-looking statements are made as of the date hereof and UGE does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from UGE's expectations and projections.
