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Solar Alliance continues to grow project backlog with five new projects totaling $1.1 million

Solar Alliance continues to grow project backlog with five new projects totaling $1.1 million
Solar Alliance continues to grow project backlog with five new projects totaling $1.1 million

TORONTO and KNOXVILLE, Tenn., May 25, 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 five solar projects in the Southeast U.S., ranging in size from 40 kilowatts (“kW”) to 113-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 $1.1 million.

All of the projects are expected to be completed in 2023 and contribute to a backlog of contracted projects totaling $3.1 million.

“Solar Alliance is proud to help small and medium-size businesses lower their operating costs along with their energy usage, making solar a practical option for them,” said CEO Myke Clark. “While we continue to execute on larger solar projects, we are also increasing sales of smaller commercial projects that contribute to our overall growth trajectory. A diverse pipeline of projects helps Solar Alliance manage cashflows and grow responsibly as we target profitability. These projects are particularly important to Solar Alliance as the electricity cost savings that will result from the switch to solar will enable these businesses to reinvest their hard-earned capital into other opportunities.”

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

  • A 113-kW system for a manufacturing client in Red Boiling Springs, Tennessee.
  • A 48-kW rooftop solar project on an office building in Oak Ridge, Tennessee.
  • A 46-kW solar system for an agricultural client in Bowling Green, Kentucky.
  • A 44-kW solar system for an engineering firm Cleveland, Tennessee.
  • A 40-kW project for a beverage warehousing client in Newport, Tennessee.

The latest contracted projects add small and medium-scale systems to the pipeline that includes larger commercial projects, including an 872-kW, $1.8 million solar system announced on February 13, 2023, for a Tennessee manufacturing client that is scheduled to begin construction in Q2 2023 with completion targeted by October 2023.

“Resilience for business owners in addition to a lower cost of energy is making on-site solar energy production an attractive alternative for businesses in the Southeast U.S. Our goal is to provide low-cost, renewable solar power to businesses so they can reduce their operating costs. The availability of investment tax credits for businesses makes solar power even more attractive and we are proud to be helping so many businesses transition to solar,” 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.”

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