UGE International, a renewable energy firm specialising in the C&I space, has partnered with Export Development Canada (EDC) to create a construction finance facility for the funding of international solar projects.
Although UGE is most prominent in Ontario, Canada, via its subsidiary Endura Energy, the company is also active in several international markets, including north-east America and the Philippines.
According to UGE, the finance facility will serve to strengthen its position in these markets, allowing it to bring its expertise honed in Canada to other projects globally.
“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.”
The first UGE project to leverage the facility will be its recently announced 261kW rooftop solar project in Brooklyn, New York.
“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. “We're happy to have worked out a solution with Endura's bank that will help spur that growth, and we can't wait to see what the future holds for this promising Canadian company.”
UGE and EDC expect to work together on an ongoing basis to create more opportunities for solar energy projects in a number of international markets.