News | May 9, 2022

Solar Alliance Signs Contract For 500 kilowatt, US$750,000 Solar Project

Backlog of solar projects under contract increases to more than $5 million

Toronto, ON and Knoxville, TN (GLOBE NEWSWIRE) - Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTCQB: SAENF) is pleased to announce it has signed a contract to design and build a 500-kilowatt solar project for a commercial customer in Kentucky. The project, with a capital cost of US$750,000, will be powered by more than 1,000 Cat® solar modules and is expected to be completed by the end of 2022.

“The Solar Alliance team continues to deliver quality, economic solar projects to our customers and that has resulted in increased contract signings in 2022,” said CEO Myke Clark. “With the addition of this project, Solar Alliance’s backlog of projects under contract now exceeds $5,000,000. This growth is driven by our shift to larger solar projects with commercial and utility customers over the last two quarters. We will continue to pursue a balanced strategy – the high growth of building for third party customers combined with recurring revenue from solar assets we own – that is scalable and supports our goal of becoming a leading commercial and industrial solar provider in the U.S.”

The project is the latest to be built in partnership with Boyd CAT, the authorized dealer of Cat® solar equipment for businesses and contractors across Kentucky, Southern Indiana, West Virginia and Southeastern Ohio. To date, Boyd CAT and Solar Alliance have partnered on several projects including the completed 1 megawatt (“MW”) solar project for Louisville Gas and Electric Company and Kentucky Utilities Company and a 1 MW project for the Knoxville Utilities Board that will be constructed this year.

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.

“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."

https://www.solaralliance.com/

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Source: Solar Alliance Energy Inc.