- UGE International (UGE) has signed nine new commercial solar projects in the Philippines totalling 3 MW in rated capacity
- The company expects the projects to be operational by the end of 2022
- Project clients can save upwards of 30 per cent on their energy bills
- UGE develops, owns and operates commercial and community solar projects in the U.S. and strategic markets abroad
- UGE International (UGE) is up by 10.98 per cent and is currently trading at $1.92 per share
UGE International (UGE) has signed nine new commercial solar projects in the Philippines totalling 3 MW in rated capacity.
Across all nine projects, clients can save upwards of 30 per cent on their energy bills.
The company expects the projects to be operational by the end of 2022. They are distributed across the country as follows:
Cebu
- Two projects totaling over 600 kW in capacity with a top national mall chain
- One project with a 700 kW capacity with one of the oldest noodle manufacturers in the region
- Two projects totaling 450 kW covering two grain processing terminals owned by a logistics company
Luzon
- Two projects totaling 670 kW across two cold storage facilities in Cavite
Mindanao
- Two projects totaling 550 kW for two ice plant facilities
Sebastian Thomas, UGE Philippines’ Director of Development, commented,
“I am enthusiastic about the growth we are experiencing in the Philippines this year. Given the significant savings solar offers our clients, the time is ripe for businesses in the Philippines to adopt solar energy. We have added several talented members to our business development team over the last six months, which helped drive 60 per cent backlog growth so far this quarter. We expect our momentum to continue through the remainder of the year.”
As of March 31, 2021, UGE Philippines’ 5.1 MW backlog represented 7 per cent of UGE’s overall backlog, which is within the 5-15 per cent range the company expects going forward.
UGE develops, owns and operates commercial and community solar projects in the U.S. and strategic markets abroad.
UGE International (UGE) is up by 10.98 per cent and is currently trading at $1.92 per share as of 12:31 pm ET.