Solar Alliance sees strong potential for 2024 growth fueled by $2.3 million in contracted backlog and $3.7 million in solar grant applications

Company signs contracts for $615,00 in Tennessee, Kentucky and Alabama as medium size project pace accelerates

TORONTO and KNOXVILLE, Tenn., May 13, 2024 (GLOBE NEWSWIRE) -- Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTC: SAENF), a leading solar energy solutions provider focused on the commercial and utility solar sectors, is pleased to announce several contract signings that have contributed to a backlog of contracted projects exceeding $2.3 million and provide an update on its grant-supported project pipeline, which currently totals $3.7 million.

The Company is currently working with clients to submit projects for U.S. federal grant applications with a combined $2.6 million capital cost, in addition to $1.1 million in grant-supported projects announced on April 15, 2024. The grant applications are for United States Department of Agriculture (“USDA”) Rural Energy for America Program (“REAP”) eligible projects. Subject to USDA approval, the Company anticipates these projects will be added to the Company’s backlog as early as the end of Q3, 2024.

“Solar Alliance is extremely proud to be supporting rural businesses as they make the transition to solar and reduce their electricity costs”, said CEO Myke Clark. “These projects allow for a faster cycle time from sale to construction and can generate consistent cash flow. The Solar Alliance team has developed sufficient capacity to provide solar solutions to commercial clients of all sizes. In addition to executing on these medium-sized projects, we remain committed to delivering larger projects that require a longer sales cycle. The combination creates an ideal cashflow combination as we continue to scale our business.”

The Company is also pleased to announce it has signed contracts for four medium-sized commercial projects for retail, agriculture and education customers in the Southeast U.S. The four projects have a combined capital cost of $615,000 and are located in Tennessee, Kentucky and Alabama. The project in Alabama is the first for Solar Alliance in the state. All four projects are expected to be built in 2024.

These projects contribute to a backlog of contracted projects for Solar Alliance that now totals more than $2.3 million, supporting the Company’s growth through 2024. 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.