Solar Alliance provides Q3 corporate update

Contracted backlog of $5.8 million supports growth into 2024 as Company focuses on profitability target

TORONTO and KNOXVILLE, Tenn., Oct. 23, 2023 (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 for Q3 2023.

“The third quarter of 2023 saw continued progress as our team focused on executing on our current backlog while targeting additional large solar projects,” said CEO Myke Clark. “The second half of 2023 has been extremely busy to date as we build out our backlog of contracted projects and translate that backlog into revenue. We have managed our contracted backlog, which is approximately $5.8 million, to a level that we feel allows rapid conversion to revenue while still maintaining our highest standards of execution. We expect the majority of this $5.8 million in backlog to be converted by the end of 2023, with the full amount converted by the end of Q1 2024. Given our backlog and outlook for the remainder of 2023 we have made achieving profitability a corporate target for the year, and we are working diligently to achieve that goal.”

Key corporate highlights and objectives include:

Contracted project backlog of $5.8 million. The Company continued to add to its backlog of contracted projects in Q3 2023. This solar project backlog provides a strong foundation for growth during the balance of 2023 and into 2024. The backlog has been driven by the transition to larger commercial solar system sales and is backed by several key projects:

• Construction commenced 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 by the end of 2023.
• Construction commenced on an 872-kW solar project in Tennessee announced on February 13, 2023, with a $1.8 million capital cost. Design and engineering on the project began in Q2 2023 with completion targeted by the end of 2023.
• 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, are scheduled to begin construction in Q4 2023 and are currently targeted for completion in Q1 2024.