Solar Alliance contracted project backlog surpasses $7 million with three new project signings totaling $580,000

TORONTO and KNOXVILLE, Tenn., July 31, 2023 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR), a leading solar energy solutions provider focused on the commercial and utility solar sectors, is pleased to announce it has signed contracts for three additional solar projects in the Southeast U.S., ranging in size up to 120-kilowatts (“kW”).

The contracts include the design and installation of solar projects for a range of industries in Tennessee and Kentucky and have a combined capital cost of $580,000. The projects are expected to commence construction in Q3 2023 and are currently targeted for completion by Q1 2024. In addition, these projects contribute to a backlog of contracted projects for Solar Alliance that now totals $7.1 million.

“Solar Alliance proudly serves businesses of all sizes, maintaining a diverse pipeline of solar projects,” said CEO Myke Clark. “Our record backlog is a strong indication that we are increasingly being called upon to help larger manufacturing and other clients reduce their overhead costs and meet sustainability goals through solar energy adoption. We will continue putting our expertise to work for these larger companies, while remaining committed to supporting small businesses that need a clean energy partner who is attentive to their bottom line,” said Clark.

The most recent contracts signed in the Southeast U.S. include:

• A 120-kW ground mount expansion of a system for a client in Kentucky.
• A 92-kW rooftop solar project at an industrial complex in Tennessee.
• An 11-kW rooftop solar system at a construction company headquartered in Tennessee.

“The Solar Alliance team remains focused on delivering continued growth through the end of 2023 and beyond. The majority of our contracted backlog is expected to be constructed and converted into revenue this year, while we continue to pursue other new projects in the Southeast U.S. to drive additional growth. The demand we are seeing for commercial solar is intensifying as the financial and environmental benefits of solar are becoming clearer to business owners,” concluded Clark.

Myke Clark, CEO

About Solar Alliance Energy Inc. (www.solaralliance.com)

Solar Alliance is an energy solutions provider focused on the commercial, utility and community solar sectors. Our experienced team of solar professionals reduces or eliminates customers’ vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation, and provides affordable, turnkey clean energy solutions. Solar Alliance’s strategy is to build, own and operate our own solar assets while also generating stable revenue through the sale and installation of solar projects to commercial and utility customers. The Company currently owns two operating solar projects in New York and actively pursuing opportunities to grow its ownership pipeline. The technical and operational synergies from this combined business model supports sustained growth across the solar project value chain from design, engineering, installation, ownership and operations/maintenance.

Statements in this news release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the ability to raise sufficient capital; changes in economic conditions or financial markets; litigation, legislative or other judicial, regulatory, legislative and political competitive developments; technological or operational difficulties; the ability to maintain revenue growth; the ability to execute on the Company’s strategies; the ability to complete the Company’s current and backlog of solar projects; the ability to grow the Company’s market share; the high growth US solar industry; the ability to convert the backlog of projects into revenue; the expected timing of the construction and completion of the 872 KW Tennessee solar project; the targeting of larger customers; the ability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the construction sector, capital market conditions, restriction on labour and international travel and supply chains; potential corporate growth opportunities and the ability to execute on the key objectives in 2023. Consequently, actual results may vary materially from those described in the forward-looking statements.

“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”