Backlog of contracted projects increases to $6.6 million
TORONTO and KNOXVILLE, Tenn, July 17, 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 industrial solar sector, is pleased to announce it has signed contracts for the design, engineering, and construction of two commercial solar projects for a client in Tennessee, with a total capital cost of $530,000.
The two projects contribute to a backlog of contracted projects that now totals $6.6 million.
The first project is a rooftop system with a capacity of 131-kilowatts (“kW”) and a capital cost of $380,000. The second project is a rooftop system with a capacity of 43-kW and a capital cost of $150,000. The two projects are scheduled to begin construction in Q3 2023 and are currently targeted for completion by the end of 2023.
“Our team continues to provide quality commercial solar opportunities for businesses in the Southeast U.S. and that is translating into significant sales growth this year,” said CEO Myke Clark. “We have successfully transitioned our business into larger commercial and industrial solar systems and the accelerated sales growth we are experiencing has resulted in a significant backlog of contracted projects. This backlog, which is the largest Solar Alliance has ever experienced in commercial solar, provides a strong foundation for continued growth this year and into 2024,” concluded Clark.
The $6.6 million backlog of contracted projects includes the following previously announced contracts:
- Two projects, 250-kW and 299-kW, for a Tennessee client announced on July 10, 2023. The two projects, with a combined capital cost of $1.58 million, are scheduled to begin construction in Q3 2023 and are currently targeted for completion in Q1 2024.
- A 565-kW commercial solar project for a manufacturing client in Tennessee announced on May 31, 2023. The project, with a $1.47 million capital cost, is scheduled to begin construction in Q3 2023 and is currently targeted for completion by the end of 2023.
- An 872-kW solar project in Tennessee announced on February 13, 2023, with a $1.8 million capital cost. Design and engineering on the project began in Q2 2023 with completion targeted by the end of 2023.
Myke Clark, CEO
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.
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