11/26/2021 | Press release | Distributed by Public on 11/26/2021 09:04
Toronto, Canada and Knoxville, Tennessee, November 26th, 2021 - 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, 2021. 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 2021, 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, 2021 for a total of 2.2 MW of contracted projects in 2021. 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 2021 and an even stronger beginning to 2022, 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 2022 and generate stable, recurring revenue under a 30-year power purchase agreement."
Key Financial Highlights
Key Business Highlights
Key Highlights Subsequent to Quarter End
"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.
"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."