Investor Presentation

Project Backlog (MW) UGE has consistently exceeded aggressive growth targets¹ 375 350 325 300 275 250 225 200 175 150 125 100 75 50 25 UGE U.S. Project Development Backlog +83 12/31/2019 2020 Additions 12/31/2020 2021 Additions 12/31/2021 2022 Additions 12/31/2022 Target 2023 YTD Additions 12/31/2023 Target 1 UGE internal growth targets//See UGE Investor Letter 8.25.23 2 As of 09/30/2023. Note: "Backlog" defined as Stages 3.1-5 TSXV: UGE | OTCQB: UGEIF Consistent Growth 343 MW backlog², with consistent annual additions 15x Growth In project backlog since strategic pivot in 2020 1 As of 09/30/2023 Note: "Backlog" defined as Stages 3.1-5 10 10

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