In a news release, commercial and community solar energy solutions firm UGE International Ltd. (UGE:TSX.V; UGEIF:OTCQB) announced updated information regarding its projects and company operations during its fourth quarter ended December 31, 2020.
UGE International reported that in Q4/20, its U.S. project development and deployment work increased greatly versus what it delivered in Q4/19. The company noted that in the latest quarter two projects in New York City began commercial operations after initializing deployment earlier in the year. One project located in Queens represents the third such operational self-financed project in the U.S., and the other project was sold. UGE also began initial development for two additional projects totaling 700kWdc in Staten Island and secured an innovatively designed 750kW rooftop carport community solar project in Queens.
UGE pointed out that its development activities in Maine accelerated greatly in Q4/20 as it completed sites for 15 projects. The company said that some of these site are already in its backlog and others remain in progress in its planning pipeline. The firm noted that in Q4/20 its first Maine community solar project reached commercial operation.
The firm reported that as of December 31, 2020, it now has its first three projects in operation in the U.S. that combined offer a total rated capacity of 0.6MW and that it expects to grow that capacity substantially in 2021.
The company advised that it brought its first self-financed project in the Philippines to commercial operation in Q4/20 and that it has a second project that is scheduled to start commercial operations this week. The firm noted that it also closed project financing on a project for a Manila packaging company, which also commenced deployment in Q4/20.
The firm advised that UGEngineering unit, which is not directly involved in the development, deployment or financing of projects, closed out 2020 by finishing several ongoing projects and commencing new contracts that position it well for a busy and productive 2021. The firm stated that in Q4/20, the engineering group "completed packages for a ground mount project in Africa, submitted drawings for an 860kW project for the City of Toronto, delivered interconnection engineering work for a utility scale client in California and started an engagement in Ontario for a 500kW net metering project."
UGE commented that in Q4/20 it expanded its leadership group by appointing Marissa Lauder as CFO and promoting Tyler Adkins to the position of chief revenue officer.
The company stated that as it announced previously it completed a CA$1.6 million private placement and in addition received proceeds totaling approximately CA$500,000 from exercising options and warrants. The firm added that it also received court approval to wind down its EPC services business.
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