Toronto, Canada and Knoxville, Tennessee, January 3, 2023 – Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTCQB: SAENF), a leading solar energy solutions provider focused on the commercial and utility solar sectors, is pleased to announce it has completed the construction of the Company’s first two solar projects in New York and both are now in operation.
VC1, a 298-kilowatt (“kW”) project located in the Village of Cazenovia, and US1, a 389-kW project located in the Village of Union Springs (the “Projects”), have both received permission to operate and are now generating clean, renewable electricity under long-term power purchase agreements with the local communities.
“Solar Alliance is now the proud owner of two operating solar projects in New York as we wrapped up 2022 by achieving commercial operation on US1 and VC1,” said CEO Myke Clark. “These two projects represent proof-of-concept for our asset ownership strategy and represent a solid foundation to aggressively grow our portfolio of assets under ownership in 2023 and beyond.”
“The recently passed Inflation Reduction Act in the U.S. is driving increased investment opportunities for the projects Solar Alliance is developing and these New York projects are a prime example of the benefits of the legislation. Combined with the growing revenue stream from our installation division, the energizing of these projects is a key catalyst for the next stage in our growth,” concluded Clark.
Solar Alliance continues to execute on the Company’s strategy to build, own and operate solar assets, while also generating stable revenue through the sale and installation of solar projects to commercial and utility customers. The Company recorded its largest quarterly revenue in Company history during Q3, 2022, and has built a substantial backlog of contracted projects.
Pursuant to the Memorandum of Understanding (“MOU”) announced dated October 26, 2022, the Company also completed the tax equity investment in the two Projects. The tax equity investment structure is a customary partnership-flip agreement, which is non-dilutive and structured at the project level. This efficient investing structure can be utilized to develop additional solar energy projects in the United States. In connection with the MOU, the Company will issue a total of 300,000 warrants to the tax equity providers, exercisable at a price of CA $.08 per share for a period of five years. The warrants are subject to the approval of the TSX Venture Exchange.
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 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 and the ability to grow the Company’s market share. 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.”