- Solar Alliance (SOLR) has completed the acquisition of its first New York solar project
- The 298 kW project, acquired from Abundant Solar Power, will cost US$401,000 and operate under a 30-year power purchase agreement
- Construction will commence in early 2022
- Abundant and Solar Alliance are building a portfolio of projects the latter will own and operate
- Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations
- Solar Alliance Energy (SOLR) is up by 5.56 per cent and is currently trading at $0.19 per share
Solar Alliance (SOLR) has completed the acquisition of its first New York solar project.
The 298 kW project, acquired from Abundant Solar Power, will operate under a 30-year power purchase agreement with construction slated for early 2022.
The project’s net capital cost is expected to be US$401,000, which will be financed by Solar Alliance through debt, equity and tax equity. The company targets an unlevered internal rate of return of 7-9 per cent for projects at this stage of development.
Solar Alliance and Abundant continue to make progress on a 389 kW project in New York State first announced on June 23, 2021.
The two projects represent the initial stages of a longer-term relationship with Abundant to build out a robust portfolio of assets Solar Alliance will own and operate.
Myke Clark, Solar Alliance’s CEO, stated,
“The completion of this acquisition is a clear indication of the progress our team continues to make as we build out our project pipeline and begin building projects that we will own and operate.
This project is the first of several we plan to build, own and operate in New York State in partnership with Abundant and will provide stable, recurring revenue in addition to the revenue we continue to generate from the sale of solar systems to businesses and utilities.”
Richard Lu, Abundant’s CEO, added,
“We are pleased to be working with Solar Alliance on this project and see the potential for an expanded relationship moving forward. Abundant Solar has an extensive pipeline of solar projects in development and we see strong synergies between our two teams.”
Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations.
Solar Alliance Energy (SOLR) is up by 5.56 per cent and is currently trading at $0.19 per share as of 1:28 pm ET.
