Toronto, Canada and Knoxville, Tennessee, May 31, 2023 – 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 a contract for the design, engineering, and construction of a 565-kilowatt (‘kW”) commercial solar project for a manufacturing client in Tennessee.
The project, with a $1.47 million capital cost, is scheduled to begin construction in Q3 2023 and is currently targeted for completion by the end of 2023.
“This project – and others like it that we have signed this year – is a great example of the type of large revenue project Solar Alliance is now targeting and delivering,” said CEO Myke Clark. “We worked closely with this client to design a solar system that meets their specific needs. Our commitment to providing outstanding customer service and technical expertise is driving increasing sales for our company and quality solar projects for our customers.”
The project contributes to a backlog of contracted projects that now totals $4.6 million. All of the projects in the backlog are scheduled to be completed this year, including the following previously announced contracts:
- An 872-kW solar project in Tennessee announced on February 13, 2023. The project, with a $1.8 million capital cost, is scheduled to begin construction in Q2 2023 with completion targeted by October 2023.
- Five small and medium-sized solar projects in Tennessee and Kentucky, ranging in size from 40-kW to 113-kW. The projects, announced on May 25, 2023, have a combined capital cost of $1.1 million and are all expected to be completed in 2023.
“We continue to execute and deliver on a diverse and growing portfolio of solar projects for customers in the Southeast U.S. Our goal is to provide low-cost, renewable solar power to businesses so they can reduce their operating costs and realize substantial environmental benefits. The economic basis for businesses to make the switch to solar is more compelling than ever and supports our favourable outlook for the balance of the year. Notably, we believe our current contracted backlog of projects positions Solar Alliance for yet another year of strong revenue growth in 2023,” 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 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.”