UGE International Ltd., a leader in renewable energy solutions for the commercial and industrial sector, announced today that it has arranged a construction finance facility backed by Export Development Canada (EDC) to provide the Company with competitive construction financing for the development of its international solar projects.
In Canada, UGE has consulted on or built 280MW of alternative energy, equivalent to about $560 million in total project value.
Through its wholly owned subsidiary Endura Energy Project Corp. (Endura), UGE is a leader in Ontario’s solar energy sector. Partnering with the EDC allows UGE and Endura to keep financing in-house and provide more flexiblitiy for the company to manage or sell the asset on its own terms.
“Since our acquisition of Endura earlier this year, we have looked for ways to leverage our wealth of experience in Canada to international markets,” said Jimmy Vaiopoulos, CFO of UGE. “EDC is an incredible partner for Canadian companies expanding their economic opportunities abroad. We are excited about how this will not only benefit our customers, but will enhance Canada’s reputation as a leader in clean energy.”
Commenting to ReNew Canada on the EDC backing, Vaiopoulos described it as an “evolving relationship” that will provide a “template” for future investment internationally. UGE still has its eye on Canadian projects, acknowledging the strong alternative energy market in Alberta. UGE has applied for the 5th round of Ontario’s Feed-in Tariff Program, through which it has built a number of Ontario solar projects. Of the Canadian market, Vaiopoulos said that the company always has its eye on taking “as big of a piece of the market as we can.”
The first UGE project to leverage the EDC program will be its recently announced rooftop solar project in Brooklyn, NY. The project, for Christian Cultural Center, will see the Company install 261 kW of solar panels at one of the largest independent churches in the United States.
“Supporting the development of clean technologies like solar energy is one of EDC’s priorities, and Endura has proven itself to be a leader in that space with great potential for international growth,” said Stephen Callaghan, Regional Vice-President, Ontario, and Export Development Canada.