Solar Alliance continues to grow project backlog with five new projects totaling $1.1 million
25 Mai 2023 - 1:00PM
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 contracts for five solar projects
in the Southeast U.S., ranging in size from 40 kilowatts (“kW”) to
113-kW.
The contracts include the design and
installation of solar projects for a range of industries in
Tennessee and Kentucky and have a combined capital cost of $1.1
million.
All of the projects are expected to be completed
in 2023 and contribute to a backlog of contracted projects totaling
$3.1 million.
“Solar Alliance is proud to help small and
medium-size businesses lower their operating costs along with their
energy usage, making solar a practical option for them,” said CEO
Myke Clark. “While we continue to execute on larger solar projects,
we are also increasing sales of smaller commercial projects that
contribute to our overall growth trajectory. A diverse pipeline of
projects helps Solar Alliance manage cashflows and grow responsibly
as we target profitability. These projects are particularly
important to Solar Alliance as the electricity cost savings that
will result from the switch to solar will enable these businesses
to reinvest their hard-earned capital into other
opportunities.”
The most recent contracts signed in the
Southeast U.S. include:
- A 113-kW system for a manufacturing
client in Red Boiling Springs, Tennessee.
- A 48-kW rooftop solar project on an
office building in Oak Ridge, Tennessee.
- A 46-kW solar system for an
agricultural client in Bowling Green, Kentucky.
- A 44-kW solar system for an
engineering firm Cleveland, Tennessee.
- A 40-kW project for a beverage
warehousing client in Newport, Tennessee.
The latest contracted projects add small and
medium-scale systems to the pipeline that includes larger
commercial projects, including an 872-kW, $1.8 million solar system
announced on February 13, 2023, for a Tennessee manufacturing
client that is scheduled to begin construction in Q2 2023 with
completion targeted by October 2023.
“Resilience for business owners in addition to a
lower cost of energy is making on-site solar energy production an
attractive alternative for businesses in the Southeast U.S. Our
goal is to provide low-cost, renewable solar power to businesses so
they can reduce their operating costs. The availability of
investment tax credits for businesses makes solar power even more
attractive and we are proud to be helping so many businesses
transition to solar,” concluded Clark.
Myke Clark, CEO
For more information: |
Investor RelationsMyke Clark,
CEO416-848-7744mclark@solaralliance.com |
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; the ability to
grow the Company’s market share; the high growth US solar industry;
the ability to convert the backlog of projects into revenue; the
expected timing of the construction and completion of the 872 KW
Tennessee solar project; the targeting of larger customers; the
ability to predict and counteract the effects of COVID-19 on the
business of the Company, including but not limited to the effects
of COVID-19 on the construction sector, capital market conditions,
restriction on labour and international travel and supply chains;
potential corporate growth opportunities and the ability to execute
on the key objectives in 2023. 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."
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