- Solar Alliance Energy (SOLR) has signed a joint development agreement with Abundant Solar Power
- The partnership with Abundant Solar Power will provide cost-competitive, turnkey solar solutions to utilities in the southeastern U.S.
- The agreement will allow Solar Alliance to pursue power purchase agreements with large utility companies
- Solar Alliance will be responsible for project engineering and construction
- Abundant will be responsible for financing and project design oversight
- Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations
- Solar Alliance Energy Inc. (SOLR) opened trading at C$0.245 per share
Solar Alliance Energy (SOLR) has signed a joint development agreement with Abundant Solar Power to pursue large-scale utility solar projects in the U.S.
The partnership with Abundant Solar Power will provide cost-competitive, turnkey solar solutions to utilities. The projects will range in size from 1 megawatt to 10 MW and larger and will typically involve competitive bids to local and regional utilities.
“There are significant utility-scale solar opportunities in the U.S. Southeast and this partnership will provide a strong, proven platform to put forward competitive bids,” said Solar Alliance CEO Myke Clark.
“Solar Alliance and Abundant are currently assessing several utility-scale opportunities and this partnership will allow us to provide cost-competitive, turnkey solar systems. We’re thrilled to partner with Abundant and work with them to deliver long-term, recurring revenue streams by targeting power purchase agreements with large utility companies. This platform clearly elevates us into a very competitive position in one of the fastest growing solar markets in the United States today,” concluded Clark.
Under the agreement, Abundant and Solar Alliance will jointly pursue solar opportunities.
Solar Alliance will be responsible for utility communication and relationship management, design and engineering, materials procurement, and construction.
Abundant will be responsible for identifying and securing sources of tax equity and non-recourse project debt and provide project design oversight.
Abundant has approximately 30 MW of solar projects under management and has been awarded approximately 140 MW of solar contracts with a near-term development pipeline exceeding 100 MW.
Abundant CEO Richard Lu commented on the partnership with Solar Alliance.
“Solar Alliance has a strong presence in the U.S. Southeast, and we are pleased to bring our large-scale project development and finance experience to this partnership. Our two companies have developed a strong relationship and this agreement allows us to provide a strong turnkey solar solution to utilities that are making the switch to renewable energy.”
Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations. The company operates in Tennessee, Kentucky, North/South Carolina and Illinois and has an expanding pipeline of solar projects.
Solar Alliance Energy Inc. (SOLR) opened trading at C$0.245 per share.
