Solar Alliance signs two contracts totaling $1.58 million for commercial solar projects in Tennessee

Backlog of contracted projects increases to $6.1 million as demand for commercial solar intensifies

TORONTO and KNOXVILLE, Tenn., July 10, 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.

The first project is a ground mount system with a capacity of 250-kilowatts (“kW”) and a capital cost of $720,000. The second project is a ground mount system with a capacity of 299-kW and a capital cost of $860,000. The two projects, which are being constructed at separate facilities, are scheduled to begin construction in Q3 2023 and are currently targeted for completion in Q1 2024.

“These projects are the latest for Solar Alliance in Tennessee as we build out our project backlog into 2024,” said CEO Myke Clark. “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 demand we are seeing for commercial and industrial solar is intensifying as the financial and environmental benefits of solar are becoming clearer to business owners. We believe our current contracted backlog of projects positions Solar Alliance for yet another year of strong revenue growth in 2023 and is now setting the stage for sustained growth into 2024.”

The two projects contribute to a backlog of contracted projects that now totals $6.1 million, including the following previously announced contracts:

• A 565-kW commercial solar project for a manufacturing client in Tennessee. 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.

“The focused work of our team has created a strong foundation for a growing, sustainable company that offers a unique investment opportunity in the renewables sector, and we are now experiencing strong sales growth as a result. The economic basis for businesses to make the switch to solar is more compelling than ever and we are increasingly confident in the road ahead,” concluded Clark.

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.

“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.”