Investor Presentation

How Projects are Financed Typical structure involves debt, tax equity, and Equity 1 • 100% 10% 1 90% 80% Equity: Developer's out-of-pocket contribution 30% 2 2 Tax equity: monetization of the Investment Tax Credits (ITCs) generated 70% 60% 3 Debt: construction-phase to operational, individual project or portfolio level How does UGE finance projects? CUGE 50% 40% 30% 60% 3 Debt: U.S. banking relationships 20% Tax equity: institutional investor relationships Equity: paid in kind 10% TSXV: UGE | OTCQB: UGEIF Typical Project Funding Sources 14

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