- Shares in Solar Alliance Energy (SOLR) have soared more than 47 per cent today after the company signed a deal to build a solar project in Illinois
- Green Data Center Real Estate will responsible for arranging equity and debt for the project, which is expected to be worth around US$60 million (C$76 million) in capital costs
- Preliminary design work will begin in the first half of 2021, with a construction timeline to be formulated in the process
- This is the second data centre project the two companies have worked on, following the 10-megawatt Murphysboro project, also in Illinois
- Solar Alliance Energy is currently up 47.37 per cent to C$0.14 per share
Shares in Solar Alliance Energy (SOLR) are soaring today after the company signed a deal to build a solar project in Illinois.
In collaboration with Green Data Center Real Estate, the company will design and construct the 56-megawatt facility, which will include battery storage capabilities and generator-based backup power.
According to the terms of the agreement, Green Data will be responsible for organising equity and debt for the project, while Solar Alliance has the option to contribute up to 10 per cent of the required equity.
"Solar Alliance has been working diligently to expand our microgrid and utility business and this project is an incredible opportunity to scale rapidly with a great partner," said Myke Clark, CEO of Solar Alliance Energy.
"The option to provide equity for partial ownership of the project also aligns well with our stated goal of building a portfolio of projects that generate long term revenue streams for Solar Alliance," he added.
Preliminary design work is expected to begin in the first half of this year, with a construction timeline to be formulated as part of that process. A payment schedule will also be put together as part of a final construction agreement.
This is the second data centre project Solar Alliance and Green Data have worked on, following a 4.57-megawatt ground and roof mount solar project at the 10-megawatt hyper scale data centre in Murphysboro, Illinois.
"Solar Alliance has been excellent to work with at our Murphysboro project and we have been impressed by the knowledge and experience they bring to the project," said Sean Stofer, COO of Green Data.
"This next project, a hyperscale data centre tech hub with 56-megawatt solar capacity will be a flagship for both companies," he continued.