Investor Presentation

(MW) 400 Buildout of current backlog will realize significant long-term, contracted revenue streams with limited operating risk by 2026 Backlog Conversion Estimates to NTP/COD 375 350 Cumulative COD¹ 325 NTP (Aug 2023)² 300 275 250 225 200 175 150 125 100 75 50 22 19 25 10 3 7 7 2 51 I I I I I T I I 100MW I I I 1 T I I I I I 118 I 5 T I I 1 72 I I Q1 Q2 Q3 Q4 Q1 Q2 33 Q3 Q4 Q1 Q2 2024 2025 2023 UGE Note: Only considers backlog through 2026 (excludes 2027 and 2028) 1 Excludes 4MW of projects already Operational 2 Considers historical actuals for 2023YTD TSXV: UGE | OTCQB: UGEIF 63 Q3 10 6 6 10 Q4 Q1 10 Q2 Q3 Q4 2026 16

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