- Solar Alliance (SOLR) has accelerated its growth strategy with a second U.S. solar project acquisition
- The company signed a letter of intent with Abundant Solar Power to build and operate a 389 kW solar project in New York State
- The net capital cost for the project will be approximately US$640,000 financed through debt and/or equity
- The project will generate recurring revenue over its 30-year life supported by a power purchase agreement
- Solar Alliance expects to begin construction this fall and to have the project operational by the end of 2021
- Solar Alliance Energy is an energy solutions provider focused on residential, commercial and industrial solar installations
- Solar Alliance (SOLR) is up by 6.93 per cent, currently trading at $0.27 per share as of 12:21 pm ET
Solar Alliance (SOLR) has accelerated its growth strategy with a second U.S. solar project acquisition.
The company signed a letter of intent with Abundant Solar Power to build and operate a 389 kW solar project in New York State.
The net capital cost for the project will be approximately US$640,000 financed through debt and/or equity.
The project will generate recurring revenue over its 30-year life supported by a power purchase agreement.
Solar Alliance anticipates signing an engineering, procurement and construction contract with Abundant for the project.
The company expects to begin construction this fall and to have the project operational by the end of 2021.
This is the second construction-ready project Solar Alliance will own and operate in New York.
Solar Alliance is currently completing final design and engineering work for its 350 kW solar project in New York State. The company remains on schedule to build it this year and place it into operation by the end of 2021.
Myke Clark, Solar Alliance’s CEO, commented,
“Solar Alliance continues to execute on our aggressive growth strategy with this second project in New York State. Similar to the first project we signed an agreement with Abundant Solar to own and operate, this 389 kW project is construction-ready and is backed by a power purchase agreement that will provide a recurring revenue stream to Solar Alliance.
Working closely with Abundant, we are confident we can continue to aggressively grow our portfolio of projects that we will own and operate. This ownership strategy is combined with our growing solar system sales to third-party customers, which allows us to generate revenue to support our operations while we grow our portfolio of assets under ownership.”
Solar Alliance Energy is an energy solutions provider focused on residential, commercial and industrial solar installations.
Solar Alliance (SOLR) is up by 6.93 per cent, currently trading at $0.27 per share as of 12:21 pm ET.
