United Renewable Energy Announced 2020 May Revenue of NT$1.21 Billion

United Renewable Energy (“URE”, or “the Company”, 3576 TT), announced 2020 May revenue of NT$1.21 billion, a significant growth of 42.3% MoM. The increase is due to lifting of lockdown restrictions in key customer countries, which lead to overseas shipment increase. At same time strong domestic demand from new solar system installations, resulted in the increase of module and system related revenue.

The Year-to-Date cumulative revenue reached NT$5.04 billion as of May 2020. Look forward to 2020, the amendments to Renewable Energy Development Act will come into effect, the number 1 engine of Second Nuclear Power Plant will be decommissioned next year and government encourage construction of new solar system projects, all of above will give boost to Taiwan PV market development. URE has already received module orders for several large PV projects in Taiwan, and shipment will take place this year and first half of next year. As domestic demand for module is very strong, URE planned to expand productions capacity to fulfill local demand. As global communities flatten the coronavirus curve, and countries have started to lift the restriction to restart the economic activities, URE’s production near full capacity and growth momentum will recover in second half of 2020.