Investor Presentation

Our projects have robust capital structures Typical structure involves debt, tax equity, and Equity 100% 10% 90% 1 Equity: Developer's out-of-pocket contribution 80% 30% 2 2 Tax equity: monetization of the Investment Tax Credits (ITCs) generated 70% 3 Debt: construction-phase to operational, individual project or portfolio level 60% 50% 40% How does UGE finance projects? 3 Debt: U.S. banking relationships 30% 60% Tax equity: institutional investor relationships 20% Equity: paid in kind 10% UGE Typical Project Funding Sources TSXV: UGE | OTCQB: UGEIF 26 26

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