Solar Alliance Signs Agreement for First U.S. Operating
TORONTO and KNOXVILLE, Tenn., May 26, 2021 (GLOBE NEWSWIRE) – Solar Alliance Energy Inc. (“Solar Alliance” or “Company”) (TSX-V: SOLR) is pleased to announce that it has a binding letter of intent (the “Agreement”) with Abundant Solar Power Inc. (“Abundant”) to build, own, and operate a 350-kilowatt (“kW”) solar project in the state of New York, United States ) signed. the project”).
The ready-to-build project is permitted and is supported by a 30-year electricity purchase contract. This project will be the first solar project in the company’s portfolio for the operation of solar systems and will generate recurring sources of income over its 30-year lifespan.
“This New York state project is a major catalyst for the Solar Alliance and clearly demonstrates the strong growth potential we see in our ability to build, own and operate assets in the US marketplace,” said Myke Clark, CEO of the Solar Alliance. “This project is ready to be built and is backed by a 30 year power purchase agreement that provides Solar Alliance with a recurring source of income. Abundant is a well respected solar project developer and we are confident that we can build on our relationship for access to a larger pipeline of solar projects that we can develop, own and operate. “
The Solar Alliance plans to sign an Engineering, Procurement and Construction (“EPC”) contract with Abundant. Construction work on the project is expected to begin this summer and is expected to be operational by the end of 2021.
“We are excited to partner with Solar Alliance on this project and see the potential for an expanded relationship,” said Richard Lu, CEO of Abundant. “Abundant Solar has an extensive pipeline of solar projects under development and we see strong synergies between our two teams. We will be working diligently with Solar Alliance to complete this project on time and on budget this year. “
The net cost of capital for the project is expected to be approximately $ 525,000 and is funded by the Solar Alliance either through equity or a combination of debt and equity. As part of the company’s expansion strategy, Solar Alliance is also exploring opportunities to acquire or partner earlier projects that will ultimately be built, owned and operated by the company. This complements the growing business of the Solar Alliance with the planning, construction and installation of solar systems for third party suppliers.
“The Solar Alliance has made the strategic decision, in addition to building, owning and operating its own solar projects, to pursue short-term growing sales opportunities. This allows us to generate revenue to support our business operations while expanding our portfolio of owned assets, Clark concluded.
Myke Clark, CEO
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About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an energy solutions provider focused on solar systems for residential, commercial and industrial facilities. The company operates in Tennessee, Kentucky, North / South Carolina and several other states and has a growing pipeline of solar projects. Since its inception in 2003, the company has developed wind and solar projects with a combined cost of capital greater than $ 1 billion that provide enough power to power 150,000 homes. Our passion is to improve life through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customer vulnerability to rising energy costs, provides an environmentally friendly source of electricity generation, and provides affordable, turnkey solutions for clean energy.
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