Solar Alliance outlines U.S. expansion plans
Solar Alliance is attempting to become a developer of high-margin, commercial, industrial and mid-sized utility solar projects.
TORONTO and KNOXVILLE — On Apr. 20, Solar Alliance Energy Inc. provided an updated outlook on its goals and objectives for the remainder of 2021 with a clear focus on the rapidly growing U.S. solar market.
“This year has seen Solar Alliance achieve an important financial milestone already,” said CEO Myke Clark, “and we see a number of catalysts in the near term that we believe will be transformative for the company. With the closing of our $5.7 million financing in Q1, we are now perfectly positioned at the right time to aggressively pursue what we see are tremendous growth opportunities in the US. solar market that could increase revenues exponentially.”
- On March 31 U.S President Joe Biden announced a $2 trillion American Jobs Plan focused largely on infrastructure spending. As part of this plan, Mr. Biden is proposing a 10-year extension of the investment tax credit (ITC) and an expanded direct pay ITC for solar projects.
- For the second year in a row, solar led all technologies in new electric-generating capacity added, accounting for 43% of the total amount, according to the Solar Energy Industries Association.
- With the Company’s operations focused on the United States and with a backlog of projects under various stages of agreement with combined capital costs totalling approximately $66 million (U.S.), Solar Alliance is perfectly positioned in the U.S. Southeast to take advantage of this shift to solar technologies and expand into other areas of the American market.
Here are key objectives the company has in sight for the remainder of 2021:
- Construction-ready project acquisitions. Solar Alliance is targeting several construction-ready projects for potential acquisition.
- Launch Corporate Green Bond. The Company is determining the appropriate structure for a Green Bond to support additional project acquisitions. Using dedicated Green Bond proceeds to acquire early stage and construction ready projects is a non-dilutive method to bring operating assets into the Solar Alliance portfolio and support the generation of long-term recurring revenue streams.
- First Microgrid contract. As part of the Company’s focus on the high margin sector of the solar industry, several potential opportunities are being pursued to deploy microgrid solutions containing solar, battery storage and generators.
- Construction of Phase 1 of 56 MW Illinois project. Design work continues and the Company is targeting the construction of a first phase of the project as early as this summer.
- Joint Development Agreement with Canadian partner and expansion into Canada. Significant opportunities exist in the Canadian commercial solar sector. The Company is committed to signing an agreement with a Canadian partner with installation experience in order to accelerate initial sales in Canada.
- Expanded relationship with Boyd CAT and new office in Kentucky. The Company has been working closely with Boyd Company, a regional Caterpillar dealership, for several years and looks forward to expanding that relationship in order to bring even more solar opportunities to Kentucky. This includes opening a new office in Louisville, Kentucky.