Solar Alliance first quarter corporate update shows continued growth for commercial solar

Small and medium-sized project growth accelerating in addition to continued large project momentum

TORONTO and KNOXVILLE, Tenn., April 15, 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 update for the first quarter of 2024.

“The first quarter has seen our team execute on several large projects and continue the sales growth that we experienced last year. We remain committed to growing the Company with an emphasis on profitability and we believe our business plan and contracted backlog support this strategy moving forward. The Solar Alliance team continues to see increased demand for commercial solar projects, and we remain focused on larger, higher margin commercial solar projects to support our growth. In addition to executing on larger projects, we are now experiencing strong demand for solar projects for small and medium-sized businesses in rural communities. We are now at the stage in our evolution as a company that we can take advantage of the growth opportunities across both small and larger project sectors,” said CEO Myke Clark.

Large Project focus momentum. The Company continues to target larger customers for third-party solar system sales and installations, specifically for commercial and industrial customers. Solar Alliance’s strategy is to design, engineer and install commercial solar systems ranging in size up to several megawatts. Current installations include:

• Construction continued 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 in Q2, 2024.
• Construction continued on an 872-kW solar project in Tennessee announced on February 13, 2023. The project is currently targeted for completion in Q2, 2024.

The Company continued to install its backlog of contracted projects in Q1 2024 while adding to the backlog through new project sales. 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. Solar Alliance is confident this solar project backlog, combined with a robust sales funnel, provides a strong foundation for the remainder of 2024.