Toronto, Canada and Knoxville, Tennessee, March 3rd, 2021 – Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR) is pleased to announce that work has been completed at the 2.4 Megawatt (“MW”) commercial solar project (the ‘Project’) for Bridgestone Americas Inc. (“Bridgestone”), a subsidiary of Bridgestone Corporation, in South Carolina. This is the largest solar project in the Company’s history and was constructed on a confidential basis until it was fully completed and operational.
The Project, with a capital cost of US$2.7 million, is powered by more than 7,000 solar modules and will generate almost 4 gigawatt hours (GWh) of electricity annually, equivalent to powering almost 600 homes and offsetting 2,829 tons of carbon dioxide emission each year. The Project will also generate substantial electricity cost savings and the energy produced by the Project will be used entirely to offset usage within Bridgestone’s facility.
“Bridgestone has illustrated a clear commitment to reducing their carbon footprint and we were proud to work with them to achieve this goal,” said Solar Alliance CEO Myke Clark. “This project showcases the benefits of solar for large manufacturing companies like Bridgestone that are committed to renewable energy solutions that will benefit today’s and future generations. As Solar Alliance continues to grow, we are excited to work with companies like Bridgestone so they can realize significant electricity cost savings in addition to the clear environmental benefits. This project is representative of the size and quality of project we are targeting as we continue to grow our business.”
The US$2.7 million capital cost represents the revenue to Solar Alliance and is recognized in the Company’s financial statements on a staged basis until completion. Profit margins are in line with the Company’s other large scale solar projects.
Myke Clark, CEO
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations. The Company operates in Tennessee, Kentucky, North/South Carolina and several other states and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed wind and solar projects with a combined capital cost exceeding $1 billion that provide enough electricity to power 150,000 homes. Our passion is improving life through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customers’ vulnerability to rising energy costs, offers an environmentally-friendly source of electricity generation, and provides affordable, turnkey clean energy solutions.
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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