Vancouver, Canada, October 30th, 2017 – Solar Alliance Energy Inc. (‘Solar Alliance’) or (the ‘Company’) (TSX-V: SAN, OTC: SAENF) is pleased to announce it has signed an agreement (the “Agreement”) with Coachella Brands, Inc. (“Coachella”) for the design and construction of a 600 kilowatt commercial-sized solar project in California (“the Project”). The Project consists of a ground mounted solar installation at a new legal cannabis growing and processing facility. The Solar Alliance engineering team analyzed Coachella’s requirements and designed a system that will offset a large portion of the facilities electricity needs with lower cost renewable energy.
“It has been estimated that 1% of America’s electricity generation is used by cannabis growers, a very significant figure given growth projections. The signing of this commercial solar project agreement with Coachella Brands provides an entry into an extremely attractive and developing market with an aggressive growth curve,” said Chairman and CEO Jason Bak. “The rapidly growing cannabis industry is energy intensive and the current power infrastructure is not yet sufficient to supply demand in many areas. By removing power as the constraint to growth and offering financing products tailored to the industry, we are planning to have Solar Alliance become the solar provider of choice for cannabis facilities.”
Solar Alliance is committed to developing a long-term relationship with its customers by having them “Join the Alliance”. Enabling customers to participate in the equity growth of Solar Alliance is one way to build a movement. As part of the agreement, the Company will issue 250,000 warrants exercisable at a price of 12 cents per share for a period of two years. The warrants are subject to the approval of the TSX Venture Exchange.
The next stage in the Project’s development is to complete a final feasibility study which will consist of system design, grid interconnection / utility meter connection point, construction and technical requirements, permitting requirements, safety requirements and any additional modifications required to support the Project. The preliminary schedule for the Project anticipates construction commencing in January, 2018.
Jason Bak, Chairman and CEO
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is a sales, marketing and development company focused on residential, commercial and industrial solar installations. Since we were founded in 2003, we have developed wind and solar projects that provide enough electricity to power 150,000 homes. Solar Alliance is committed to an exceptional customer experience, effective marketing campaigns and superior lead generation in order to drive sales and generate value for shareholders. Our passion is improving life through ingenuity, simplicity and freedom of choice. We make solar simple and our goal is to install solar on every available rooftop in America.
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 and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
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