Backlog of 2023 contracted projects increases to $3.8 million as commercial division growth continues
TORONTO and KNOXVILLE, Tenn., Feb. 13, 2023 (GLOBE NEWSWIRE) -- 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 a contract for the design, engineering, and construction of an 872-kilowatt (‘kW’) commercial solar project for a manufacturing company in Tennessee.
The project, with a $1.8 million capital cost, is scheduled to begin construction in Q2 2023 with completion targeted by October 2023.
“This large project contributes to a strong start to 2023 for Solar Alliance as our backlog of contracted projects to be built this year is now approximately $3.8 million,” said CEO Myke Clark. “This project is a great example of the type of large revenue project Solar Alliance is now targeting and delivering. It also contributes to a strong backlog of commercial solar projects so early in the year. Our commitment to providing outstanding customer service and technical expertise is driving increasing sales for our company and quality solar projects for our customers.”
The Company recorded its largest quarterly revenue in Company history during Q3, 2022, and has built a substantial backlog of contracted projects. Solar Alliance also recently completed the construction of two solar projects the Company owns in New York, and they are both generating clean, renewable electricity under long-term power purchase agreements with the local communities.
“Our strategy of targeting larger revenue projects is generating positive results for Solar Alliance, while lowering operating costs and delivering substantial environmental benefits to our customers. We continue to execute on our strategy to build, own and operate solar assets, while also generating stable revenue through the sale and installation of solar projects to commercial and utility customers,” concluded Clark.
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an energy solutions provider focused on the commercial, utility and community solar sectors. Our experienced team of solar professionals reduces or eliminates customers’ vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation, and provides affordable, turnkey clean energy solutions. Solar Alliance’s strategy is 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 currently owns two operating solar projects in New York and actively pursuing opportunities to grow its ownership pipeline. The technical and operational synergies from this combined business model supports sustained growth across the solar project value chain from design, engineering, installation, ownership and operations/maintenance.
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, legislative and political competitive developments, technological or operational difficulties, the ability to maintain revenue growth, the ability to execute on the Company’s strategies, the ability to complete the Company’s current and backlog of solar projects and the ability to grow the Company’s market share. 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.”
