UGE International Ltd., a New York solar energy firm, reported in its 2019 fiscal year financial results that it saw an impressive increase in community solar revenue. According to the financials, the gross margins for the fiscal year ending December 31st, 2019 nearly tripled from 2018’s figures. Among the causes for this growth was the increase in community and commercial solar solutions.
Based on UGE’s report, the community solar and commercial energy revenue increased from 10% to 27%. The company even saw a 58% decrease in net loss for 2019. Throughout the fiscal year, UGE had made substantial changes to increase its community solar revenue and improve its overall returns. Among them was phasing out its engineering, construction, and procurement services for other developers of solar stations. In lieu of these services, UGE opted to put full focus on its own solar efforts, including the building and financing of future projects.
By the close of the year, UGE had six self-financed projects start construction. When those six complete, it is expected to start the construction of additional solar projects. According to the report, the company had a $30 million project backlog. Throughout 2020, the backlog grew to $45 million. As more of these projects are completed, UGE expects its revenue to increase even more from 2019’s figures.
UGE International, Ltd. is a New York-based solar developer that currently produces 380 megawatts across 630 projects. Due to its efforts with other solar developers, UGE has helped avoid the production of 1.3 million tons of CO2. Its portfolio includes projects for Cheesecake Factory, Whole Foods, and Dropbox. UGE also works with international clients and has a presence in Canada and the Philippines.
Along with its community solar projects, UGE works with commercial solar solutions to provide assistance with site procurement, project analysis, solar system design, construction management, quality control, and in-house technical expertise.