Solar Alliance Bags 1 MW solar project in Knoxville, Tennessee

Solar Alliance

Solar Alliance (TSX-V:SOLR) (OTCQB:SAENF) an energy solutions provider focused on residential, commercial and industrial solar installations, has signed a contract with Knoxville Utilities Board (KUB) for the design and installation of a 1-megawatt solar project in Knoxville, Tennessee. KUB is an independent agency of Knoxville that provides electric, natural gas, water, wastewater, and fibre broadband services to more than 473,000 customers. 

Solar Alliance will do everything from the design to the installation of the 1 MW project. The project is scheduled to begin construction in April 2022 and is expected to be completed by August this year.

“It also shows our growth as a company as we continue to aggressively grow our backlog of large projects. The potential for solar growth in Knoxville, Tennessee and the U.S. Southeast is massive, and we have become a market leader in this rapidly growing industry.” said Solar Alliance CEO Myke.

The Knoxville project adds to the rising number of wins the company has been getting and follows another contract signed back in January with AESSEAL, a specialist in designing and manufacturing mechanical seals and support systems. The project involves designing and installing a 526-kilowatt roof mount solar system at AESSEAL’s U.S. headquarters in Rockford, Tennessee.

Solar Alliance Own And Operate Model

Solar Alliance has also made significant headway in its own and operate business model as the broader solar market grows. Earlier this month, the company announced it had completed the acquisition of a 389-kilowatt project in New York from Abundant Solar Power Inc. This is the second project Solar Alliance will own and operate under a 25-year power purchase agreement. The company currently owns a total of 687 kW of solar projects, which will be instrumental in contributing recurring revenue to the company’s top-line once they achieve commercial operations in Q2, 2022.

Going forward, the company is targeting a total of 1.7 megawatts of projects which it will own and operate by the end of 2022, translating to more than double the current levels. Ultimately, thanks to the recurring revenue from the company’s solar assets combined with sales to third-party customers, Solar Alliance is well positioned to continue paying dividends to its shareholders.