Canada-based energy solutions provider Solar Alliance Energy has completed the construction of its first two solar projects in New York.
According to the company, the projects include US1, a 389-kW facility located in Union Springs, and VC1, a 298-kW project located in Cazenovia.
It adds that the two projects are now operational and generating clean, renewable electricity under long-term power purchase agreements with the local communities.
The company’s CEO Myke Clark stated that these projects represent proof-of-concept for the company's asset ownership strategy and will serve as a foundation for growing its portfolio in the future.
“The recently passed Inflation Reduction Act in the U.S. is driving increased investment opportunities for the projects Solar Alliance is developing and these New York projects are a prime example of the benefits of the legislation. Combined with the growing revenue stream from our installation division, the energizing of these projects is a key catalyst for the next stage in our growth,” Clark said.
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The company also announced that it has completed a tax equity investment in the two projects through a partnership-flip agreement. This investing structure can be used for developing additional solar energy projects in the U.S.
The company also plans to issue 300,000 warrants to the tax equity providers as part of this agreement, subject to the approval of the TSX Venture Exchange.
Solar Alliance reported its largest quarterly revenue in company history during the third quarter of 2022, and has a substantial backlog of contracted projects.
