VANCOUVER, BC–(Marketwired – August 15, 2017) – Solar Alliance Energy Inc. (‘Solar Alliance’) or (the ‘Company’) (TSX VENTURE: SAN) (OTC: SAENF) is pleased to announce it has signed an agreement (the “Agreement”) for the design and construction of an approximately US$3,500,000 commercial solar project in Los Angeles. The project, which marks the second commercial-scale solar project for Solar Alliance, consists of a rooftop solar installation and a carport solar installation at a Los Angeles mid-rise, multi-tenant office building. The Solar Alliance team analyzed the building owner’s needs, operational requirements and utility usage to develop a custom solar system that will offset more than 75% of their annual electricity requirements.
“Solar Alliance has taken a prudent, professional approach to the development of our commercial division and this agreement is the result of many months of work,” said Chairman and CEO Jason Bak. “We are committed to building relationships with commercial property owners and developers in order to illustrate the financial benefits of solar. This project will save the building owners an estimated US$20,000,000 in electricity costs over the life of the system and it illustrates the exciting growth prospects for Solar Alliance in the virtually untapped commercial solar sector.”
The next stage in the project’s development is to complete a final feasibility study and grid connection application. Solar Alliance expects all necessary agreements and financing options to be completed by the end of September with construction commencing before the end of 2017. The US$3,500,000 capital cost is an estimate that will be refined after the feasibility study.
“The signing of this commercial solar project agreement comes at a perfect time, as we work our way through the acquisition of Aries Solar, LLC,” concluded Bak. “Aries is an established turn-key commercial solar energy solution provider with industry experts that focus on engineering, procurement, and construction needs. This commercial project in L.A. and the Aries acquisition set the stage for increasing growth in commercial solar sales.”
The building owner is a large developer and owner of several similar properties in the Los Angeles area. Solar Alliance is committed to developing a long-term relationship with the owner and as part of the Agreement, the Company will issue 250,000 warrants exercisable at a price of $0.18 per share for a period of two years. The warrants are subject to the approval of the TSX Venture Exchange.
Jason Bak, Chairman and CEO
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is a sales, marketing and development company focused on residential, commercial and industrial solar installations. Since we were founded in 2003, we have developed wind and solar projects that provide enough electricity to power 150,000 homes. Solar Alliance is committed to an exceptional customer experience, effective marketing campaigns and superior lead generation in order to drive sales and generate value for shareholders. Our passion is improving life through ingenuity, simplicity and freedom of choice. We make solar simple and our goal is to install solar on every available rooftop in America.
Statements in this news release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute Forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
For more information:
Solar Alliance Investor Relations
Spyros Karellas
Pinnacle Capital Markets
(416) 433-5696
[email protected]
