TORONTO and KNOXVILLE, Tenn., Nov. 26, 2023 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR) announces it has filed its financial results for the quarter ended September 30, 2023. The Company’s Financial Statements and related Management’s Discussion and Analysis are available under the Company’s profile at www.sedar.com.
In Q3 2023, Solar Alliance continued to successfully transition its focus to include larger, higher revenue solar projects in addition to owning and operating the Company’s own solar assets.
Business development efforts in Q3 resulted in the signing of contracts for up to 1.7 megawatts (“MW”) of solar projects for third party customers, with approximately .7 MW expected to be completed in Q4, 2023 for a total of 2.2 MW of contracted projects in 2023. This represents a significant increase over the total of .74 MW of commercial solar projects contracted in 2020.
“This quarter sets the stage for future revenue growth as we are now signing contracts for significantly larger projects, and in greater numbers,” said CEO Myke Clark. “These most recent contract signings have positioned Solar Alliance for a strong end to 2023 and an even stronger beginning to 2023, with a growing backlog of contracted projects. We also completed the acquisition of a 298kW solar project in New York that will be built in early 2023 and generate stable, recurring revenue under a 30-year power purchase agreement.”
Key Financial Highlights
- Revenue for the three months ended September 30, 2023, was $252,352, compared to $530,385 in the comparable period in 2020. Revenue for the nine months ended September 30, 2023, was $2,255,460, compared to $2,517,610 in the comparable period in 2020.
- Q3 represents an inflection point for Solar Alliance as the Company invested in new sales channels to improve the long-term sales pipeline of larger solar projects. This focus resulted in the signing of two larger projects after the end of Q3 and the addition of several other large projects to our sales pipeline. The contracts signed subsequent to the end of Q3 will positively impact revenues in Q4 and moving forward.
- Cash and cash equivalents of $3,165,889 provide a strong balance sheet to continue pursuing larger project sales opportunities and provide a stable platform for growth.
Key Business Highlights
- The Company signed a Joint Development Agreement with Boyd Company (“Boyd CAT”), a regional Caterpillar dealer, and will be opening an office in Louisville, Kentucky. Boyd CAT is the authorized dealer of Cat® solar equipment for businesses and contractors across Kentucky, Southern Indiana, West Virginia and Southeastern Ohio.
- Agreement with Abundant Solar Power (“Abundant”) to jointly pursue largescale utility solar projects in the U.S. Southeast. The projects will range in size from 1 megawatt to 10 MW and larger and will typically involve competitive bids to local and regional utilities.
- Solar Alliance announced the appointment of Mr. Rob Roberti as the Company’s new Chief Financial Officer and Mr. Brian Timmons as a new independent member of the Board of Directors.
Key Highlights Subsequent to Quarter End
- Solar Alliance signed a contract for a 526-kW solar system in Tennessee. Solar Alliance will design, engineer and install the project, which is targeted for completion by the end of 2023.
- The Company signed a contract to build a 500-kW solar system in Kentucky. The contract includes an option for the customer to select Solar Alliance to build an additional 500-kW system at the same location, for a potential total project size of 1 MW.
- The Company completed the acquisition of a 298-kW project in New York State from Abundant Solar Power Inc. The project acquisition, first announced on May 26, 2023, represents the first project Solar Alliance will own and operate under a 30-year power purchase agreement. Construction will commence in early 2023.
“The recent contract signings are in addition to smaller commercial and residential projects we continue to deliver to customers. This balanced strategy – the high growth of building for third party customers combined with recurring revenue from solar assets we own – is scalable and supports our goal of becoming a leading commercial and industrial solar provider in the U.S.,” concluded Clark.
The Company also announces that, subject to regulatory approval, it has granted an aggregate of 1,000,000 incentive stock options (“Options”) to certain directors and/or officers in accordance with the Company’s stock option plan. All such Options have an exercise price of $0.175 per share and a 5-year term.
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 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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