Toronto, Canada and Knoxville, Tennessee, July 5, 2022 – Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTCQB: SAENF) is pleased to provide an outlook on its goals and objectives for the second half of 2022 as it closes the first half of the year with strong commercial solar project growth.
“Weakness in the capital markets has affected the broad clean technology sector in general, and the solar sector in particular,” said CEO Myke Clark.
“As always, while mindful of the need to do everything we can to keep our compelling story front and centre for the capital markets, our key focus remains on executing our business plan and staying on track for what we see ahead as a record year in commercial solar growth. With the continued growth in the U.S. solar market and our growing presence in the U.S. Southeast, Solar Alliance remains a unique opportunity in the ESG investing space,” he added.
“Several large contracts were signed in the first half of 2022 as we continue our transition to larger, higher revenue solar projects. Our backlog of contracted projects now exceeds $5,000,000. Construction of these projects, which is expected to be completed this year, will result in the backlog converting into revenue. In addition to this growing backlog and revenue stream, we commenced construction on our two company-owned solar projects in New York. These projects will generate long-term recurring revenue and combined with a growing revenue stream represent a solid foundation as we continue to execute on our strategy,” concluded Clark.
Operational and Corporate Highlights – First Half, 2022
- Solar Alliance continued to successfully execute on its strategy 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’s strategic relationship with Boyd CAT, a regional Caterpillar dealer and supplier of Cat® solar equipment, has insulated it from the severe supply chain issues being experienced in the solar industry.
- Contract for 500 kilowatt (“kW”)solar project in Kentucky. The project will be powered by more than 1,000 Cat® solar modules and is expected to be completed by the end of 2022. The project is the latest to be built in partnership with Boyd CAT, the authorized dealer of Cat® solar equipment for businesses and contractors across Kentucky, Southern Indiana, West Virginia and Southeastern Ohio.
- Contract for 1 megawatt (“MW”) Project with Knoxville Utilities Board. On February 22, 2022, Solar Alliance announced it signed a contract with Knoxville Utilities Board (“KUB”), an independent agency of the City of Knoxville, for the design and installation of a 1-MW solar project in Knoxville, Tennessee. KUB provides electric, natural gas, water, wastewater, and fiber broadband services to more than 473,000 customers in Knoxville. Solar Alliance will design, engineer, and install the 1-MW project, which is targeted for completion in August 2022.
- Construction commenced on company-owned solar projects in New York. The two projects, which represent a combined 687-kW, are now under construction and are expected to be operating later this year. Once operational, the projects will provide recurring revenue under 30-year power purchase agreements with local municipalities. The two projects represent proof-of-concept for the Company’s asset ownership strategy and will form the basis for a growing portfolio of assets under ownership.
- Contract for 526-kW Project with AESSEAL. On January 27, 2022, Solar Alliance announced it signed a contract with AESSEAL, a specialist in the design and manufacture of mechanical seals and support systems, for a 526-kW roof mount solar system at AESSEAL’s U.S. headquarters in Rockford, Tennessee. Solar Alliance will design, engineer and install the project, which is targeted for completion by the end of October 2022.
- Solar Alliance Commenced Trading on OTCQB Market. On January 24, 2022, Solar Alliance announced that it qualified for trading on the OTCQB Venture Market in the United States operated by the OTC Markets Group Inc. and the Company’s common shares commenced trading on the OTCQB under the symbol “SAENF.” The Company’s common shares will continue to trade on the TSX Venture Exchange.
Key objectives for the remainder of 2022:
- Development pipeline expansion. Solar Alliance is assessing opportunities to partner and/or acquire a larger pipeline of development-stage projects the Company may ultimately own and operate. The first two project acquisitions in New York State form a solid foundation for a more aggressive development and acquisition strategy.
- Construction of backlog. Despite global supply chain issues, the Company has secured the required materials for the contracted projects and anticipates converting all of the $5,000,000 in contracted backlog into revenue in 2022. An updated project backlog figure will be provided when the Company releases its Q2 financial results.
- Large solar system sales building backlog. The Company continues to target larger customers for third-party solar system sales and installation, similar to the 2.4 MW Bridgestone project and the 1-MW Kentucky utility project.
- Expansion into Canada. Significant opportunities exist in the Canadian commercial solar sector. The Company is committed to identifying a Canadian partner to accelerate initial sales in Canada. Such a partnership would support sales opportunities the Company is already pursuing in Canada.
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 Illinois and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed $1 billion of renewable energy projects 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.
“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.”