Solar Alliance provides 2024 corporate update

Company focused on continued profitability as U.S. commercial solar opportunities accelerate

TORONTO and KNOXVILLE, Tenn., Jan. 24, 2024 (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 provide a corporate and operational update as the Company targets another year of strong growth in the U.S. commercial solar market.

“2023 was a transformative year for Solar Alliance as our sales and operations team hit their full stride, delivering our first profitable quarter in the Company’s commercial solar history in Q3,” said CEO Myke Clark. “We remain committed to growing the Company with an emphasis on profitability and we believe our business plan and contracted backlog support this strategy.”

“We have focused on larger, higher margin commercial solar projects, combined with diligent cost control, in order to drive responsible growth,” said U.S. General Manager Jon Hamilton. “The second half of 2023 was extremely busy as we built out our backlog of contracted projects and that pace is continuing into 2024.”

Key corporate highlights and objectives

Conversion of contracted project backlog to revenue. The Company experienced a productive fourth quarter in 2023 as the operations and installation teams executed on several larger projects. Significant progress was made on the following projects, which are all expected to be complete in Q1, 2024:

• A 565-kilowatt (“kW”) commercial solar project for a manufacturing client in Tennessee announced on May 31, 2023.
• A 872-kW solar project in Tennessee announced on February 13, 2023, with a $1.8 million capital cost.
• Two projects, 250-kW and 299-kW, for a Tennessee client announced on July 10, 2023. The two projects, with a capital cost of $1.58 million, began construction in Q4, 2023.
• Multiple smaller commercial solar projects in the 30-kW to 100-kW range were completed in Q4, 2023 and several other commenced construction.

Sales targets and project sizes increased. Solar Alliance has systematically, and responsibly, increased the size and number of commercial solar projects it has designed and installed. The average system size being designed and installed by Solar Alliance has grown each of the last three years and the Company expects continued growth in system sizes in 2024 while maintaining its focus on profitability.