Solar Alliance 2021 financial results show revenue increase and strong backlog growth during transformative year
May 03 2022 - 6:00AM
Solar Alliance Energy Inc. (‘Solar Alliance’ or the
‘Company’) (TSX-V: SOLR, OTCQB: SAENF) announces it has
filed its audited financial results for the quarter and year ended
December 31, 2021. The Company’s Financial Statements and related
Management’s Discussion and Analysis are available under the
Company’s profile at www.sedar.com.
“2021 was a transformative year for Solar
Alliance, as we continued to successfully transition our focus to
larger, higher revenue solar projects in addition to owning and
operating the Company’s own solar assets,” said CEO Myke Clark. “We
experienced a strong revenue increase in the fourth quarter as our
strategic transition to larger solar projects began to show
tangible results and our backlog of contracted projects grew to
$4,200,000. This growing revenue stream, in addition to building a
portfolio of solar projects we own and operate, has positioned
Solar Alliance to take advantage of the expanding solar market in
the U.S.”
Key financial and business
highlights
- Revenue grew to $3,666,383 (2020 -
$3,500,747) for the year ended December 31, 2021, as the company
successfully transitioned its business to larger, higher revenue
solar projects.
- Revenue for the three months ended
December 31, 2021, was $1,410,923 (2020 - $983,138), an increase of
$427,785, or 44%.
- Contracted project backlog grew to
approximately $4,200,000. The Company attributes this increase in
backlog to the strategy of targeting larger projects and increased
contract signings in the last half of 2021.
- Cash balance of $2,169,258 provides
a strong balance sheet to continue pursuing larger project sales
opportunities and a stable platform for growth.
- A net loss of $448,864 (2020 -
$1,370,472) as the Company continued to make investments in its
growing team and project portfolio. During 2021, the Company
undertook a review of certain outstanding trade and other payables,
of which $1,822,504 was derecognized. These outstanding account
payables exceeded the applicable statute of limitation period and
therefore expired by statute.
- Solar Alliance announced the
appointment of Mr. Rob Roberti as the Company’s new Chief Financial
Officer and Mr. Brian Timmons as a new independent member of the
Board of Directors. Mr. Timmons was appointed Chair of the Board of
Directors subsequent to year end.
- Completed the acquisition two
projects in New York State (one completed subsequent to year end)
totalling 687 kilowatts. Solar Alliance will own and operate both
projects under 30-year power purchase agreements and will
contribute recurring revenue once they achieve commercial
operations in 2022.
- Solar Alliance is targeting the New
York solar market for additional growth opportunities in 2022.
Including the two projects Solar Alliance now owns, the Company is
targeting a total of 1.7 megawatts (“MW”) of projects under
ownership and operation by the end of 2022, more than double
current levels. These projects represent a fundamental advancement
of the Company’s strategy given their recurring revenue and asset
value.
“Solar Alliance has pursued a balanced strategy
– the high growth of building for third party customers combined
with recurring revenue from solar assets we own – that is scalable
and supports our goal of becoming a leading commercial and
industrial solar provider in the U.S. In 2021, we increased our
contracted backlog, improved our balance sheet and added several
key employees to accelerate growth moving forward,” 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 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.
“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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