Solar Alliance completes acquisition of first New York solar project
Project will begin generating recurring revenue in early 2022
TORONTO and KNOXVILLE, Tenn., Nov. 16, 2021 (GLOBE NEWSWIRE) -- Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR) is pleased to announce it has completed the acquisition of a 298 kilowatt (“kW”) project in New York State from Abundant Solar Power Inc. (“Abundant”). The project acquisition, first announced on May 26, 2021, represents the first project Solar Alliance will own and operate under a 30 year power purchase agreement. Construction will commence in early 2022.
“The completion of this acquisition is a clear indication of the progress our team continues to make as we build out our project pipeline and begin building projects that we will own and operate,” said CEO Myke Clark. “This project is the first of several we plan to build, own and operate in New York State in partnership with Abundant and will provide stable, recurring revenue in addition to the revenue we continue to generate from the sale of solar systems to businesses and utilities.”
Solar Alliance and Abundant continue to make progress on a second, 389 kW project in New York State first announced June 23, 2021.
These two projects represent the initial stages of a longer-term relationship with Abundant to build out a robust portfolio of assets Solar Alliance will own and operate.
“We are pleased to be working with Solar Alliance on this project and see the potential for an expanded relationship moving forward,” said Abundant CEO Richard Lu. “Abundant Solar has an extensive pipeline of solar projects in development, and we see strong synergies between our two teams.”
The net capital cost for the project is expected to be approximately US$401,000 and will be financed by Solar Alliance through a combination of debt, equity and tax equity. The Company targets an unlevered internal rate of return of 7-9% for projects at this stage of development and this project falls within those parameters.
Myke Clark, CEO
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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 it was founded in 2003, the Company has developed $1 billion of renewable energy projects that provide enough electricity to power 150,000 homes. Our passion is improving life through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customers' vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation, and provides affordable, turnkey clean energy solutions.
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 and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
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