| Toronto, Canada & Knoxville, Tennessee, May 25, 2023 – Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR), a leading solar energy solutions provider focused on the commercial and utility solar sectors, is pleased to announce it has signed contracts for five solar projects in the Southeast U.S., ranging in size from 40 kilowatts (“kW”) to 113-kW. The contracts include the design and installation of solar projects for a range of industries in Tennessee and Kentucky and have a combined capital cost of $1.1 million. All of the projects are expected to be completed in 2023 and contribute to a backlog of contracted projects totaling $3.1 million. “Solar Alliance is proud to help small and medium-size businesses lower their operating costs along with their energy usage, making solar a practical option for them,” said CEO Myke Clark. “While we continue to execute on larger solar projects, we are also increasing sales of smaller commercial projects that contribute to our overall growth trajectory. A diverse pipeline of projects helps Solar Alliance manage cashflows and grow responsibly as we target profitability. These projects are particularly important to Solar Alliance as the electricity cost savings that will result from the switch to solar will enable these businesses to reinvest their hard-earned capital into other opportunities.” The most recent contracts signed in the Southeast U.S. include: - A 113-kW system for a manufacturing client in Red Boiling Springs, Tennessee.
- A 48-kW rooftop solar project on an office building in Oak Ridge, Tennessee.
- A 46-kW solar system for an agricultural client in Bowling Green, Kentucky.
- A 44-kW solar system for an engineering firm Cleveland, Tennessee.
- A 40-kW project for a beverage warehousing client in Newport, Tennessee.
The latest contracted projects add small and medium-scale systems to the pipeline that includes larger commercial projects, including an 872-kW, $1.8 million solar system announced on February 13, 2023, for a Tennessee manufacturing client that is scheduled to begin construction in Q2 2023 with completion targeted by October 2023. “Resilience for business owners in addition to a lower cost of energy is making on-site solar energy production an attractive alternative for businesses in the Southeast U.S. Our goal is to provide low-cost, renewable solar power to businesses so they can reduce their operating costs. The availability of investment tax credits for businesses makes solar power even more attractive and we are proud to be helping so many businesses transition to solar,” concluded Clark. Myke Clark, CEO |