Solar Alliance Signs Design Contract for 4.6 Megawatt, $4.8 Million Illinois Solar Project
TORONTO and KNOXVILLE, Tenn., Oct. 28, 2020 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance’) or (the ‘Company’) (TSX-V: SOLR) is pleased to announce it has signed an agreement (“Design Agreement”) to commence design work on a 4.57-megawatt (“MW”) ground and roof mount solar project at a 10 MW hyperscale data center in Murphysboro, Illinois owned by Green Data Center Real Estate Inc. (“Green Data”). The design work for the solar system is being completed in tandem with the final design work for the data center. The capital cost of the solar project is expected to be approximately $4.8 million. The project would be Solar Alliance’s largest to date and is expected to generate margins in the range of the Company’s other large-scale solar projects. The final project size and capital cost will be determined as part of the design process.
“This project represents a massive opportunity for Solar Alliance and we are excited to begin the design work on it,” said CEO Myke Clark. “This project is expected to generate significant revenue and contribute to our continued growth. In addition, this project will provide the template for other data center projects seeking to offset their electricity costs through the use of solar. Green Data is pursuing additional data center opportunities and Solar Alliance is well positioned to partner on those opportunities as they are realized.”The Design Agreement was signed with S.M. Wilson & Co., the general contractor for the NuYen Enterprise Data Center being developed by Green Data. The Company previously signed a Letter of Intent (“LOI”) with the predecessor company of Green Data for the design, engineering, procurement and construction management of the Murphysboro data center project. That LOI will be replaced with subsequent agreements, including this Design Agreement, and a construction agreement.Myke Clark, CEOAbout 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, North/South Carolina, Kentucky and California and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed $1 billion of wind and solar 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.”A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f2be34ee-dd7e-4372-b409-4d313eb39bac