TORONTO and KNOXVILLE, Tenn., May 13, 2024 (GLOBE NEWSWIRE) -- Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTC: SAENF), a leading solar energy solutions provider focused on the commercial and utility solar sectors, is pleased to announce several contract signings that have contributed to a backlog of contracted projects exceeding $2.3 million and provide an update on its grant-supported project pipeline, which currently totals $3.7 million.
The Company is currently working with clients to submit projects for U.S. federal grant applications with a combined $2.6 million capital cost, in addition to $1.1 million in grant-supported projects announced on April 15, 2024. The grant applications are for United States Department of Agriculture (“USDA”) Rural Energy for America Program (“REAP”) eligible projects. Subject to USDA approval, the Company anticipates these projects will be added to the Company’s backlog as early as the end of Q3, 2024.
“Solar Alliance is extremely proud to be supporting rural businesses as they make the transition to solar and reduce their electricity costs”, said CEO Myke Clark. “These projects allow for a faster cycle time from sale to construction and can generate consistent cash flow. The Solar Alliance team has developed sufficient capacity to provide solar solutions to commercial clients of all sizes. In addition to executing on these medium-sized projects, we remain committed to delivering larger projects that require a longer sales cycle. The combination creates an ideal cashflow combination as we continue to scale our business.”
The Company is also pleased to announce it has signed contracts for four medium-sized commercial projects for retail, agriculture and education customers in the Southeast U.S. The four projects have a combined capital cost of $615,000 and are located in Tennessee, Kentucky and Alabama. The project in Alabama is the first for Solar Alliance in the state. All four projects are expected to be built in 2024.
These projects contribute to a backlog of contracted projects for Solar Alliance that now totals more than $2.3 million, supporting the Company’s growth through 2024. The Company has managed the backlog to a level that potentially allows for the rapid conversion to revenue while still maintaining our highest standards of execution.
“Solar Alliance continues to see strong demand for commercial solar projects, and we are now providing services to clients of all sizes. This resulted in strong revenue growth in 2023 and has provided the platform for Solar Alliance to begin targeting multi-megawatt opportunities. Our business development efforts now include assessing specific regional requests for proposals for solar projects in the 5 to 10 megawatt range, where Solar Alliance believes it has a competitive advantage as a result of our installation experience and regional brand awareness,” concluded Clark.
Myke Clark, CEO
| For more information: |
| Investor Relations Myke Clark, CEO 604-359-5178 mclark@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 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 in this press release include, but is not limited to the ability to the capital costs of the four medium sized commercial solar projects and the terms of the contracts for such projects, the expectation that the Company’s backlog of projects will support the Company’s growth through 2024, the potential for rapid conversion of the Company’s backlog of solar projects to revenue, the capacity to provide solar solutions to commercial clients of all sizes, the commitment to delivering larger projects that require a longer sales cycle, the anticipation that projects with a combined CAD$2.6 million capital cost will be added to the Company’s backlog and the receipt of USDA approval for such projects, assessing specific regional requests for proposals for solar projects in the 3-megawatt to 20-megawatt range, where Solar Alliance believes it has a competitive advantage, scale, increasing project margins, targeting profitability and the Company offering a unique investment opportunity in the renewables sector space. 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 Company’s solar projects, the targeting of larger customers, potential corporate growth opportunities and the ability to execute on the key objectives in 2024. Consequently, actual results may vary materially from those described in the forward-looking statements.
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