Solar Alliance on track for record year in commercial solar as growth continues into second half of 2022


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TORONTO and KNOXVILLE, Tennessee, July 05, 2022 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (“Solar Alliance” or the “Company”) (TSX-V: SOLR, OTCQB: SAENF) is pleased to provide an overview of its goals and objectives for the second half of 2022 as it closes the first half with strong growth in commercial solar projects.

“The weakness in capital markets has affected the broad cleantech sector in general, and the solar sector in particular,” CEO Myke Clark said.

“As always, while being mindful of the need to do everything we can to keep our compelling story at the forefront for the capital markets, our primary focus remains the execution of our business plan and staying on track. on track for what we see as a record year of commercial solar growth. With the continued growth of the U.S. solar market and our growing presence in the southeastern United States, Solar Alliance remains a unique opportunity in the field of ESG investing,” he added.

“Several large contracts were signed in the first half of 2022 as we continue our transition to larger, higher-revenue solar projects. Our contract project backlog now exceeds $5,000,000. Construction of these projects , which is expected to be completed this year, will result in the conversion of backlog into revenue.In addition to this growing backlog and revenue stream, we have begun construction on our two corporate-owned solar projects in New York.These projects will generate long-term recurring revenue and, combined with a growing revenue stream, represent a solid foundation as we continue to execute on our strategy,” concluded Clark.

Operational and corporate highlights – First half of 2022

  • Solar Alliance continued to successfully execute its strategy to build, own and operate our own solar assets while generating stable revenues through the sale and installation of solar projects to commercial and utility customers.
  • The company’s strategic relationship with Boyd CAT, a regional Caterpillar dealer and supplier of Cat® solar equipment, has isolated it from the serious supply chain issues encountered in the solar industry.
  • Contract for a 500 kilowatt (“kW”) solar project in Kentucky. The project will be powered by more than 1,000 Cat® solar modules and is expected to be completed by the end of 2022. The project is the latest to be built in partnership with Boyd CAT, the authorized dealer of Cat® solar equipment for businesses and entrepreneurs across Kentucky, Southern Indiana, West Virginia and Southeast Ohio.
  • Contract for 1 megawatt (“MW”) Project with Knoxville Utilities Board. On February 22, 2022, Solar Alliance announced that it had signed a contract with Knoxville Utilities Board (“KUB”), an independent agency of the City of Knoxville, for the design and installation of a 1 MW solar project in Knoxville, Tennessee. KUB provides electric, natural gas, water, wastewater and fiber optic services to more than 473,000 customers in Knoxville. Solar Alliance will design, build and install the 1 MW project, which is scheduled for completion in August 2022.
  • Construction has begun on company-owned solar projects in New York. The two projects, which represent a combined output of 687 kW, are currently under construction and should be operational later this year. Once operational, the projects will provide recurring revenue under 30-year power purchase agreements with local municipalities. Both projects represent proof of concept for the company’s asset ownership strategy and will form the basis of a growing portfolio of owned assets.
  • Contract for the 526 kW project with AESSEAL. On January 27, 2022, Solar Alliance announced that it has signed a contract with AESSEAL, a specialist in the design and manufacture of mechanical seals and support systems, for a 526 kW roof-mounted solar system at the US headquarters of AESSEAL in Rockford, TN. Solar Alliance will design, build and install the project, which is expected to be completed by the end of October 2022.
  • Solar Alliance has started trading on the OTCQB market. On January 24, 2022, Solar Alliance announced that it qualified for trading on the OTCQB Venture Market in the United States operated by OTC Markets Group Inc. and the Company’s common stock began trading on the OTCQB under the symbol “SAENF”. The Company’s common shares will continue to trade on the TSX Venture Exchange.

Key objectives for the remainder of 2021:

  • Extension of the development pipeline. Solar Alliance is evaluating opportunities to partner and/or acquire more development-stage projects that the Company may eventually own and operate. The first two project acquisitions in New York State provide a solid foundation for a more aggressive development and acquisition strategy.
  • Construction of the backlog. Despite global supply chain issues, the company has secured materials required for contracted projects and expects to convert the full $5,000,000 contract backlog into revenue in 2022. An updated backlog figure Project orders will be provided when the company releases its second quarter financial results.
  • Significant backlog of sales of solar systems. The Company continues to target larger customers for the sale and installation of third-party solar systems, such as the 2.4 MW Bridgestone project and the 1 MW utility project in Kentucky.
  • Expansion in Canada. Significant opportunities exist in the Canadian commercial solar sector. The Company is committed to identifying a Canadian partner to accelerate initial sales in Canada. Such a partnership would support the sales opportunities the Company is already pursuing in Canada.

Myke Clark, CEO

About Solar Alliance Energy Inc. (www.solaralliance.com) Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations. The company operates in Tennessee, Kentucky, North/South Carolina and Illinois and has an expanding pipeline of solar projects. Since its inception in 2003, the company has developed $1 billion in renewable energy projects that provide enough electricity to power 150,000 homes. Our passion is to improve lives through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customer vulnerability to rising energy costs, offers an environmentally friendly source of power generation, and provides affordable turnkey clean energy solutions.

The statements contained in this press 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 expressions are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information. These factors include, but are not limited to: uncertainties relating to the ability to raise sufficient capital, changes in economic or financial market conditions, litigation, legislative or other competitive, judicial, regulatory and political developments and technological or operational difficulties. Therefore, actual results may differ materially from those described in the forward-looking statements.

“Neither the 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.”

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Source: Solar Alliance Energy Inc.

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