UGE International Ltd. (UGE:TSX.V; UGEIF:OTC) announced in a news release it signed a contract to install a solar energy system at a food processing plant for M L'Huillier, a Philippines-based conglomerate with business segments in food, retail and restaurants.
The value of the contract with M L'Huillier is about $250,000, yielding an estimated gross margin at or over UGE's 23% target.
Engineering for this 259 kilowatt project is in progress. Construction will take place throughout the year.
UGE continues to add Philippines-based companies to its client base. "Solar is rapidly gaining a reputation as the most cost effective electricity resource in the Philippines," Arjun Gupta, UGE's regional deployment director, said in the release. "Most businesses in the country are now considering the addition of solar to their rooftops to minimize their electricity costs and carbon footprint."
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