TORONTO, ONTARIO--(Marketwired - May 2, 2016) - UGE International Ltd. ("UGE") (TSX VENTURE:UG)(OTCQB:UGEIF), a global leader in distributed renewable energy solutions, is pleased to announce that, through its wholly owned subsidiary Endura Energy Project Corp. ("Endura Energy"), it has executed contracts for the development and construction of 6.3 megawatts of solar projects in Ontario, Canada. The projects will be owned and operated by TREC Solarshare Co-operative (No. 1) Inc. ("SolarShare"), Canada's largest non-profit solar power community ownership cooperative.
The portfolio consists of 11 sites: two 600 kilowatt ground-mounted facilities near Kingston, ON, eight 600 kilowatt ground-mounted facilities in Timiskaming, ON, and one 300 kilowatt rooftop facility in Earlton, ON (the "Portfolio"). Each of the ground-mounted facilities will utilize advanced dual-axis solar tracking technology.
Completion of the Portfolio is expected to generate between $18 million CAD and $20 million CAD of revenue for UGE, with project funding starting this month, and construction progressing into 2017.
Endura Energy has been developing and engineering the Portfolio in partnership with Soventix Canada ("SCI"). Endura Energy has the role of performing joint project development activities with SCI, along with the sole responsibility for all turn-key engineering, procurement and construction functions for the Portfolio.
SolarShare will finance all construction activities and purchase the commissioned energy generating facilities shortly after commercial operation. The Portfolio projects are each grid-connected and derive revenue through Ontario's feed-in tariff FIT3 program.
Endura Energy, SCI, and SolarShare have partnered in the past, having developed and constructed over four megawatts under similar arrangements in Ontario's FIT1 and FIT2 feed-in-tariff program rounds since 2012. After these FIT3 projects are complete, Endura Energy will have developed and constructed over 90% of the capacity of SolarShare's generating assets.
"This partnership with Endura Energy, Soventix, and our farming and municipal project site hosts is a win all around," stated Mike Brigham, SolarShare's President. "With Endura Energy's development leadership and continued partnership we have now grown to be the largest non-profit solar power cooperative in Canada. These projects permit all Ontarians to engage in the solar energy revolution through the opportunity of direct investment, while allowing the local communities in northern and eastern Ontario to engage through serving as project hosts and operating partners."
"We are thrilled to have the opportunity to work with Soventix and SolarShare once again," commented Cameron Steinman, UGE's Chief Strategy Officer. "With these projects we have the opportunity to leverage our unique and valuable experience with mid-sized ground-mounted dual-axis tracking systems, while also furthering our focus in community-based distributed generation. This deal extends our leadership position in both categories."
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 Endura Energy Project Corp
Endura Energy Project Corp., a UGE Company, designs, builds and consults on the development of medium and large scale solar energy systems. Since 2009, Endura Energy has been responsible for advising on or implementing over 280 MW of solar photovoltaic ("PV") systems. Endura Energy has developed a reputation for providing best-in-class services in all aspects of design and construction of PV systems. Endura Energy has established a successful track record of providing solutions to its clients in all stages of the solar PV project design-build lifecycle including: consulting and project management; engineering and design; turn-key construction; and development.
About SolarShare
SolarShare is Canada's foremost non-profit 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 has nearly 1000 members who are passionate about investing in renewable energy and have purchased $17,000,000 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 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.
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