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UGE International Ltd
Symbol UG
Shares Issued 10,051,252
Close 2014-09-17 C$ 1.61
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UGE Int'l, OTEPI to work on Panama solar installations

2014-09-18 09:35 ET - News Release

Mr. Mike Barnsley reports


UGE International Ltd. has entered a strategic partnership with OTEPI Renewables, an energy-related company founded in 1967, with a focus on rapidly advancing commercial solar installations in Panama. Along with the partnership, UGE and OTEPI have secured an order to supply one of the first net-metered rooftop solar systems in Panama, along with additional plans to deploy multiple megawatts of solar energy by the end of 2015.

"Panama's economy is growing and solar energy is the ideal way to solve the business community's electricity challenges," said Joshua Rogol, director of business development at UGE. "UGE and OTEPI have a winning combination of global and local expertise to be the leader in on-site renewable energy for the commercial sector in Panama."

UGE and OTEPI will supply a 190-kilowatt rooftop system for a commercial warehouse in Panama City, which will produce more than half of the facility's energy and will also feed energy back into the grid during peak demand.

Last year, Panama passed legislation that supports solar energy production and the country introduced net metering for renewable energy projects up to 500 kW in 2008.

"UGE and OTEPI Renewables are working side by side to contribute to a rise in solar within the Panamanian energy matrix," said Luis Paul, chief executive officer of OTEPI. "We see immense growth in interest in this market over the next several years, and, together with UGE, are poised to meet this demand."

Central America is attracting global attention from the solar industry, as it prepares to install 1.5 gigawatts of PV capacity from 2012 through 2018, according to IHS Technology. Much of Latin America faces high electricity costs, and abundant solar resources make the region especially favourable for renewable energy deployment.

In addition to Panama, UGE has extensive experience in Central and South America. Also this week, UGE and partner Fusion LatAm secured a contract to provide power systems for 90 telecommunications sites in Colombia, ensuring that some of the country's most remote areas are able to stay connected. The combined value of the contracts is approximately $450,000 (U.S.) and management expects to fulfill both contracts before the end of 2014.

"Latin America's commercial sector is rife with opportunity to utilize renewable energy," said Itai Biederman, who leads UGE's business development efforts in Latin America. "UGE's leading technology and on-the-ground partnerships put us in a unique position to spur rapid adoption throughout the region."

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