Solar Alliance Q1 Corporate Update Shows Continued Growth

Source: 4/15/2024, Location: North America

Solar Alliance Energy Inc. (‘Solar Alliance’) (TSX-V: SOLR), a leading solar energy solutions provider focused on the commercial and industrial solar sector, is pleased to provide a corporate update for the first quarter of 2024.

“The first quarter has seen our team execute on several large projects and continue the sales growth that we experienced last year. We remain committed to growing the Company with an emphasis on profitability and we believe our business plan and contracted backlog support this strategy moving forward. The Solar Alliance team continues to see increased demand for commercial solar projects, and we remain focused on larger, higher margin commercial solar projects to support our growth. In addition to executing on larger projects, we are now experiencing strong demand for solar projects for small and medium-sized businesses in rural communities. We are now at the stage in our evolution as a company that we can take advantage of the growth opportunities across both small and larger project sectors,” said CEO Myke Clark.

Large Project focus momentum. The Company continues to target larger customers for third-party solar system sales and installations, specifically for commercial and industrial customers. Solar Alliance’s strategy is to design, engineer and install commercial solar systems ranging in size up to several megawatts. Current installations include:

- Construction continued on a 565-kW commercial solar project for a manufacturing client in Tennessee announced on May 31, 2023. The project is currently targeted for completion in Q2, 2024.
- Construction continued on an 872-kW solar project in Tennessee announced on February 13, 2023. The project is currently targeted for completion in Q2, 2024.

The Company continued to install its backlog of contracted projects in Q1 2024 while adding to the backlog through new project sales. The Company has managed the backlog to a level that potentially allows for the rapid conversion to revenue while still maintaining our highest standards of execution. Solar Alliance is confident this solar project backlog, combined with a robust sales funnel, provides a strong foundation for the remainder of 2024.

Small and medium-sized project growth accelerates. A key component for small businesses wanting to reduce utility costs are Rural Energy for America Program (“REAP”) grants and loans from the United States Department of Agriculture (“USDA”). Supported by funding from the U.S. Inflation Reduction Act, REAP promotes lower energy costs and resilience while opening new income opportunities for the rural small businesses and agri-businesses the USDA serves.

Solar Alliance has dedicated sales resources to supporting the increased demand created by the REAP program and has signed several small and medium-sized projects as a result. These projects are in addition to the sales funnel of larger projects the Company continues to pursue.

- During Q1, 2024 Solar Alliance sold or completed the installation of small, rural businesses with more than $1 million in capital costs. Those projects include:
- A 113-kilowatt (“kW”) solar system for a Tennessee manufacturer with a capital cost of $305,000.
- A 28-kW, $195,000 solar and energy storage system for a farm in Tennessee.
- A 49-kW, $266,000 commercial solar and energy storage system in Tennessee.
- A 92-kW, $269,000 commercial solar system in Tennessee.
- Solar Alliance worked with clients to submit $1.1 million in USDA grant-supported projects in March 2024. The Company is also working with clients to submit projects with a combined $1.3 million capital cost for the June 2024 grant submission deadline. These submitted projects are subject to approval by the USDA.

“A steady stream of REAP eligible projects is good for our business and a tremendous benefit for businesses in rural communities,” said U.S. General Manager Jon Hamilton. “Our clients are benefiting from the best combination of incentives for solar in our area, they are bringing federal money into their communities, and they are also demonstrating to other businesses that solar with energy storage can positively impact their bottom line.”

BC Call for Power. In British Columbia, Canada, the utility BC Hydro formally launched the 2024 Call for Power on April 3, 2024. The Company has maintained a legacy wind project in the province and will be reviewing the RFP and any opportunities to participate.

“Solar Alliance continues to see increasing demand for commercial solar in the Southeast U.S. As a first mover in the market, we combine the stability of an operating business with exposure to a vast addressable market for our product offering. We also continue to look for additional opportunities in the broader renewable energy sector,” concluded Clark.
Myke Clark, CEO

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