VANCOUVER, BC–(Marketwired – August 09, 2017) – Solar Alliance Energy Inc. (‘Solar Alliance’) or (the ‘Company’) (TSX VENTURE: SAN) (OTC: SAENF) is pleased to announce it has submitted a one megawatt (“MW”) commercial solar project proposal to the Illinois Power Agency (“IPA”). This is in response to the State’s recent Wind and Solar Procurement Request for Proposals “RFP”). In support of the bid application, the City of Murphysboro, Illinois, has partnered with Solar Alliance and signed a Memorandum of Understanding (“MOU”) for the 1 MW solar project (the “Project”). The purpose of the MOU is to outline the process and responsibilities of the City of Murphysboro and Solar Alliance for the successful completion of financially viable solar project, as a part of the “Renewing the Murphysboro community through Green Energy jobs” initiative. The approximate capital cost of the Project is US $1,720,000, which represents the top line revenue to Solar Alliance minus costs of goods. Final revenue projection and profit margin would be determined after final design and the award of a REC contract from the RFP.
The City of Murphysboro and Solar Alliance have identified a project site and have completed the initial design of the Project, which would provide low cost, clean electricity to the City of Murphysboro. The goal of the Project is to support revitalization of the City of Murphysboro through solar project development, clean energy training programs and a plan to attract new business to the area.
“Solar Alliance is proud to be partnering with the City of Murphysboro on this important project,” said Chairman and CEO Jason Bak. “Solar energy can serve as a vehicle for change, helping transform communities burdened with high energy costs and high unemployment into centers of innovation, prosperity, and hope.”
“I am excited to help facilitate this project in Murphysboro and I am confident that the proposal submitted by Solar Alliance to the State of Illinois will be successful,” said Murphysboro Mayor Will Stephens. “The progress to this point is only a beginning, but it is also a testament to what bi-partisan governance, public-private partnerships, and working together can accomplish.”
The deadline for RFP proposal submissions was August 7th, 2017. Successful proponents will be notified on August 14th, 2017 and then will have until September 12, 2017 to finalize a contract with the appropriate utility. Regardless of the success of the Project in the Illinois RFP, Solar Alliance and the City of Murphysboro are committed to working together to move the Project forward.
Illinois Power Agency Wind and Solar Procurement RFP
Pursuant to Public Act 99-0906, which was signed into law on December 7, 2016 and became effective June 1, 2017, the Illinois Power Agency will conduct an initial forward procurement for Renewable Energy Credits generated by new utility-scale wind projects, new utility-scale solar projects, and new brownfield site photovoltaic projects for the portfolios of Ameren Illinois Company, Commonwealth Edison Company and MidAmerican Energy Company. The Illinois Power Agency will solicit fifteen year contracts for delivery of 1,000,000 RECs per year from new utility-scale solar projects and new brownfield site photovoltaic projects in multiple procurement events. A REC represents all the environmental attributes corresponding to one megawatt-hour of energy generated from renewable energy resources.
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]
