Solar Alliance on track for record year in commercial solar as growth continues heading into second half of 2022
July 05 2022 - 6:00AM
Solar Alliance Energy Inc. (‘Solar Alliance’ or the
‘Company’) (TSX-V: SOLR, OTCQB: SAENF) is pleased to
provide an outlook on its goals and objectives for the second half
of 2022 as it closes the first half of the year with strong
commercial solar project growth.
“Weakness in the capital markets has affected
the broad clean technology sector in general, and the solar sector
in particular,” said CEO Myke Clark.
“As always, while mindful of the need to do
everything we can to keep our compelling story front and centre for
the capital markets, our key focus remains on executing our
business plan and staying on track for what we see ahead as a
record year in commercial solar growth. With the continued growth
in the U.S. solar market and our growing presence in the U.S.
Southeast, Solar Alliance remains a unique opportunity in the ESG
investing space,” he added.
“Several large contracts were signed in the
first half of 2022 as we continue our transition to larger, higher
revenue solar projects. Our backlog of contracted projects now
exceeds $5,000,000. Construction of these projects, which is
expected to be completed this year, will result in the backlog
converting into revenue. In addition to this growing backlog and
revenue stream, we commenced construction on our two company-owned
solar projects in New York. These projects will generate long-term
recurring revenue and combined with a growing revenue stream
represent a solid foundation as we continue to execute on our
strategy,” concluded Clark.
Operational and Corporate Highlights – First
Half, 2022
- Solar Alliance continued to
successfully execute on its strategy 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’s strategic
relationship with Boyd CAT, a regional Caterpillar dealer and
supplier of Cat® solar equipment, has insulated it from the severe
supply chain issues being experienced in the solar industry.
- Contract for 500 kilowatt (“kW”)solar project in
Kentucky. The project will be powered by more than 1,000
Cat® solar modules and is expected to be completed by the end of
2022. The project is the latest to be built in partnership with
Boyd CAT, the authorized dealer of Cat® solar equipment for
businesses and contractors across Kentucky, Southern Indiana, West
Virginia and Southeastern Ohio.
- Contract for 1 megawatt
(“MW”) Project with Knoxville Utilities
Board. On February 22, 2022, Solar Alliance announced it
signed a contract with Knoxville Utilities Board (“KUB”), an
independent agency of the City of Knoxville, for the design and
installation of a 1-MW solar project in Knoxville, Tennessee. KUB
provides electric, natural gas, water, wastewater, and fiber
broadband services to more than 473,000 customers in Knoxville.
Solar Alliance will design, engineer, and install the 1-MW project,
which is targeted for completion in August 2022.
- Construction commenced on company-owned solar projects
in New York. The two projects, which represent a combined
687-kW, are now under construction and are expected to being
operating later this year. Once operational, the projects will
provide recurring revenue under 30-year power purchase agreements
with local municipalities. The two projects represent
proof-of-concept for the Company’s asset ownership strategy and
will form the basis for a growing portfolio of assets under
ownership.
- Contract for 526-kW Project with AESSEAL. On
January 27, 2022, Solar Alliance announced it signed a contract
with AESSEAL, a specialist in the design and manufacture of
mechanical seals and support systems, for a 526-kW roof mount solar
system at AESSEAL’s U.S. headquarters in Rockford, Tennessee. Solar
Alliance will design, engineer and install the project, which is
targeted for completion by the end of October 2022.
- Solar Alliance Commenced Trading on OTCQB
Market. On January 24, 2022, Solar Alliance announced that
it qualified for trading on the OTCQB Venture Market in the United
States operated by the OTC Markets Group Inc. and the Company’s
common shares commenced trading on the OTCQB under the symbol
“SAENF.” The Company’s common shares will continue to trade on the
TSX Venture Exchange.
Key objectives for the remainder of 2021:
- Development pipeline
expansion. Solar Alliance is assessing
opportunities to partner and/or acquire a larger pipeline of
development-stage projects the Company may ultimately own and
operate. The first two project acquisitions in New York State form
a solid foundation for a more aggressive development and
acquisition strategy.
- Construction of
backlog. Despite global supply chain issues, the Company
has secured the required materials for the contracted projects and
anticipates converting all of the $5,000,000 in contracted backlog
into revenue in 2022. An updated project backlog figure will be
provided when the Company releases its Q2 financial results.
- Large solar system sales
building backlog. The Company continues to target larger
customers for third-party solar system sales and installation,
similar to the 2.4 MW Bridgestone project and the 1-MW Kentucky
utility project.
- Expansion into
Canada. Significant opportunities exist in the Canadian
commercial solar sector. The Company is committed to identifying a
Canadian partner to accelerate initial sales in Canada. Such a
partnership would support sales opportunities the Company is
already pursuing in Canada.
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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