- UGE International (UGE) announced milestones and business updates for the second quarter ending June 30, 2022
- In the second quarter, the company’s project backlog (stages 3.1-5) increased over 35 per cent, totaling 195MW versus 144MW at the end of the prior quarter
- The 51MW increase in one quarter is the largest in UGE’s history
- UGE is a turnkey commercial solar company, developing, building, and financing solar projects
- UGE International Ltd. (UGE) remains unchanged, trading at C$0.90 per share at 1:20 pm ET
UGE International (UGE) announced milestones and business updates for the second quarter ending June 30, 2022.
Record backlog growth sets milestone
In the second quarter, the company’s project backlog (stages 3.1-5) increased by over 35 per cent, totalling 195MW versus 144MW at the end of the prior quarter. The 51MW increase in one quarter is the largest in UGE’s history. In total, UGE has 381MW of projects in development and a pre-development pipeline (stages 1 and 2) over 900MW.
Backlog growth includes the company’s first community solar project in Delaware, thirteen storage and solar-plus-storage projects in Massachusetts, and two new industrial rooftop projects in metro New York City.
Operating portfolio growth
During the quarter, two metro New York City projects totalling 723kW reached commercial operation. A third regional project with a capacity of 740kW reached mechanical completion.
In Maine, a 1MW project in Norway, Maine achieved the Notice to Proceed milestone. UGE has an additional 11 projects totaling 24MW under development in the state. It also has several additional NTPs scheduled throughout the remainder of 2022. Outside of UGE owned and operated projects, deployment progress also continued.
UGE Capital secures project financing
In late June, the company closed a project debt and tax equity facility with Twain Financial to finance six community solar projects UGE is developing in Maine. The US$25 million facility includes both construction-to-term debt and tax equity.
Growth continues for UGEngineering
In addition to $340,000 of new deals contracted in Q2, UGE worked on 45 active Commercial & Industrial and Utility-scale projects. It includes two rooftop solar projects for California’s world’s largest industrial real estate company.
Second green bond offering of 2022 announced
The company announced the private placement of an additional C$3 million issuance on July 5, 2022. This marks the fourth such issuance in the company’s history.
UGE is a turnkey commercial solar company, developing, building, and financing solar projects. Its distributed energy solutions deliver cheaper, cleaner energy to businesses and consumers with no upfront cost.
UGE International Ltd. (UGE) remains unchanged, trading at C$0.90 per share at 1:20 pm ET.
