Solar Alliance Provides Corporate and Project Updates
TORONTO and KNOXVILLE, Tenn., March 29, 2021 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR) is pleased to report significant progress at both the project and corporate levels of the Company as it enters the second quarter with a record pipeline of projects and a strong balance sheet to support future growth.
Solar Alliance has built a strong backlog of projects under various stages of agreement with combined capital costs totaling approximately US $66 million, consisting of a diversified portfolio of customers and project sizes. The Company continues to build out that backlog of project opportunities by focusing on the high margin sectors of the solar industry – residential developers and builders, commercial clients, microgrid solutions for larger clients and large scale project development opportunities.
Combined with the potential to own assets across these sectors, the Company is well positioned to execute on a plan for continued growth in 2021.
“I am pleased to provide investors with this comprehensive update of Solar Alliance’s projects under development and corporate activities,” said CEO Myke Clark. “This year has already seen several positive developments that have fundamentally transformed this company. We have advanced several large scale solar projects, continued to build our pipeline of projects and completed a financing that provides the capital to fully realize of our growth potential. Solar Alliance has positioned itself as a leader in the commercial and small utility solar sector and is perfectly positioned to take advantage of the growing solar industry in the United States.”
- Solar Alliance recently closed a $5,752,530 marketed private placement that will enhance its balance sheet and provide the funding to pursue new opportunities.
- The Company continues to assess various project acquisition opportunities in order to accelerate its project ownership aspirations. Generating recurring revenue from Solar Alliance-owned assets will provide revenue stability and can either be accomplished through the development of projects or through acquisition. The Company is assessing both opportunities.
- In order to support larger project development activities, Solar Alliance is building a Project Development team that will pursue large scale opportunities similar to the 56 megawatt (“MW”) data center project in Illinois described below. The Company anticipates setting an aggressive target for a development project portfolio and will announce that target at the appropriate time.
- As part of an enhanced investor marketing program, Solar Alliance will be featured on the Peterson Capital platform which will connect the Company with a wider investor audience.
- CEO Myke Clark will be presenting at Sidoti Microcap Conference on Thursday, May 20, 2021. Further details, including presentation time, will be provided closer to the event date.
Solar Alliance continues to expand its pipeline of residential, commercial and utility solar projects.
- Solar Alliance is currently installing a 1 MW solar project in Kentucky, in partnership with Boyd CAT, a regional Caterpillar dealer that the Company has worked with on several projects. Solar Alliance continues to pursue additional commercial solar projects with Boyd CAT and looks forward to expanding on the relationship between the two companies.
- Design work continues at the 56 MW solar project being developed for Green Data Center Real Estate Inc. (“Green Data”). On March 9, 2021, Solar Alliance signed a Solar Design Agreement with Green Data for an initial 56 MW, US $60 million ground and roof mount solar project at a hyperscale data center in Illinois. Solar Alliance and Green Data are also assessing the potential to provide natural gas generators to the project, in addition to assessing the potential to the expand the project size. It is anticipated the data center will have sufficient electricity demand to support a solar project up to 150 MW.
- The Company has almost completed the detailed design work for Green Data for a 4.5 MW solar project in Murphysboro, Illinois. Once the design work has been submitted to Green Data, the next step will be to finalize a definitive installation agreement and determine an installation timeline.
- On March 3, 2021 the Company announced that work has been completed at the 2.4 MW commercial solar project for Bridgestone Americas Inc., a subsidiary of Bridgestone Corporation, in South Carolina. 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 of electricity annually, equivalent to powering almost 600 homes and offsetting 2,829 tons of carbon dioxide emission each year.
- Solar Alliance continues to sell and install smaller commercial solar projects that range in size from 20 – 100kW and generate stable revenues for the Company as it pursues the larger, high impact projects such as those described above.
“Our pipeline and backlog of projects continues to grow and we are preparing to roll out additional strategic initiatives that will enhance shareholder value. Our company has a solid revenue generating foundation that supports a defined growth plan. Combine that with the changing political environment in the United States and we are clearly at an inflection point in our history and the growth potential is extraordinary,” concluded Clark.
Myke Clark, CEO
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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.
“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.”