UGE International Ltd. (UGE:TSX.V; UGEIF:OTC) announced in a news release it signed two financed contracts with packaging firm Philippine Aquapak Industries Inc. Together, the projects have an upfront value to UGE of about $300,000.
UGE is to provide this company in the Philippines with a solution for 233 kilowatts of renewable energy at one of its production facilities and for 49.5 kilowatts at its headquarters. Construction is planned for 2019. According to the news release, these systems should result in a 50% energy cost savings over their lifetime to Philippine Aquapak.
"2018 has seen our revenues grow exponentially in the Philippines," Tyler Adkins, UGE's regional director for the Philippines, said in the release. "Throughout the year we've introduced our 'no cash-out' financed product which has gained significant traction. We are looking forward to installing many financed systems in the country throughout 2019."
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