November 04, 2015 09:00 ET

UGE International and OTEPI Install Largest Portfolio of Commercial Solar Energy Systems in Panama

NEW YORK, NY--(Marketwired - Nov 4, 2015) - UGE International Ltd. ("UGE") (TSX VENTURE: UG) (OTCQB: UGEIF), a leader in renewable energy solutions for commercial and industrial customers, along with local partner OTEPI Renewables ("OTEPI"), completed the installation of solar energy systems for six facilities owned by Cochez y Cia, SA ("COCHEZ") in Panama. The newly commissioned systems will substantially lower COCHEZ's electricity bills at each site by offsetting up to 80% of the buildings' energy usage.

"We have always maintained a strong commitment to social responsibility in our operations," said Raul Cochez, CEO of COCHEZ. "We chose UGE and OTEPI for their expertise in developing custom solar systems to further that environmental commitment, optimize our long term operational costs and transform ourselves into the leading sustainable company in the country."

With a capacity of 1.2MW, these six sites are the first of an estimated 22 site portfolio that UGE and OTEPI will install and commission in the next 12 months. The installations will be the largest portfolio of commercial solar ever installed in Panama. The grid-tied solar PV systems utilize UGE SeamlessGrid inverters and UGE's award-winning ViewUGE Plus monitoring systems.

Panamanian law allows net metering for projects below 500kW; therefore each individual site will qualify. With net metering, COCHEZ will maximize the return on investment from their solar systems and improve their carbon footprint.

"Panama's vast solar resources make it an ideal place for companies looking to use the sun's energy to boost their bottom line," said Nick Blitterswyk, CEO of UGE. "Since electricity costs often comprise a large portion of a facility's operating expenses, smart companies like COCHEZ are switching to distributed energy to protect against future utility rate volatility."

UGE and OTEPI installed a 187.5kW system at another COCHEZ location earlier this year. The companies expect to deploy a total of 4.5MW across all of COCHEZ's facilities in Panama, making it the largest commercial solar portfolio to be installed in the country.

Since signing a strategic agreement last year, UGE and OTEPI have emerged as market leaders for rooftop solar in the region, working together on several solar projects for commercial clients. Demand for rooftop solar is growing rapidly in Central America. According to a report by IHS Technology, total PV capacity is poised to reach 243MW in Central America by the end of this year, from just 6MW in 2013.

"Latin America has tremendous potential for solar energy and distributed generation", said Luis E Paúl, CEO of OTEPI. "UGE and OTEPI Renewables are helping clients and interested companies in the region to take advantage of this emerging trend both as a sustainability strategy and as a cost optimization alternative."

COCHEZ is a leading hardware and construction material chain in Panama. It has been providing services to the industry for more than 80 years through its more than 25 locations throughout the country.

OTEPI is an Engineering and Project related Group founded in 1967. OTEPI Renewables concentrates on distributed renewable energy solutions for current and potential clients looking for sustainable and optimal energy consumption.

About UGE
UGE is a leading full service renewable energy provider for commercial and industrial clients, with over 2,000 installations in more than 100 countries. Leveraging project financing and its proprietary technology platform, UGE deploys solar and microgrid energy solutions to reduce energy costs and increase resiliency, while making the world more sustainable.

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 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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