Solar Alliance launches US large-scale utility solar project platform
TORONTO and KNOXVILLE, Tenn., Aug. 10, 2021 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR) is pleased to announce it has signed a Joint Development Agreement (the “Agreement”), dated August 9, 2021, with Abundant Solar Power (“Abundant”) to jointly pursue large-scale utility solar projects in the U.S. Southeast.
Solar Alliance’s regional design, engineering, and construction expertise combined with Abundant’s financial expertise and large project development experience create a partnership that is well positioned to provide cost-competitive, turnkey solar solutions to utilities. The projects will range in size from 1 megawatt (“MW”) to 10 MW and larger and will typically involve competitive bids to local and regional utilities.
“There are significant utility-scale solar opportunities in the U.S. Southeast and this partnership will provide a strong, proven platform to put forward competitive bids,” said Solar Alliance CEO Myke Clark. “Solar Alliance and Abundant are currently assessing several utility-scale opportunities and this partnership will allow us to provide cost-competitive, turnkey solar systems. We’re thrilled to partner with Abundant and work with them to deliver long-term, recurring revenue streams by targeting power purchase agreements with large utility companies. This platform clearly elevates us into a very competitive position in one of the fastest growing solar markets in the United States today,” concluded Clark.
Under the Agreement, Abundant and Solar Alliance will jointly pursue solar opportunities where Solar Alliance is responsible for utility communication and relationship management, design and engineering, materials procurement, and construction. Abundant will be responsible for identifying and securing sources of tax equity and non-recourse project debt, project design oversight based on their proven track record of building large solar projects and bid pricing intelligence.
Abundant has approximately 30 MW of solar projects under management, have been awarded approximately 140 MW of solar contracts and have a near-term development pipeline exceeding 100 MW.
“Solar Alliance has a strong presence in the U.S. Southeast, and we are pleased to bring our large-scale project development and finance experience to this partnership,” said Abundant CEO Richard Lu. “Our two companies have developed a strong relationship and this agreement allows us to provide a strong turnkey solar solution to utilities that are making the switch to renewable energy.”
This Agreement builds on the relationship between Solar Alliance and Abundant. Solar Alliance, as announced on May 26, 2021 and June 23, 2021, is acquiring two construction ready projects from Abundant. The 350 and 389 kilowatt (“kW”) projects are both backed by a power purchase agreements that will provide a recurring revenue stream to Solar Alliance.
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.
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