The Canadian developer is targeting additional ownership opportunities in 2023 combined with growing revenue from installation division.
Solar Alliance Energy, a Toronto-based project developer, rang in the new year with the completion of its first two New York solar projects. Centrally located in Union Springs and Cazenovia, New York, the 398 kW and 289 kW US1 and VC1 projects received permission by local utility National Grid to begin operations.
Located in Cayuga and Madison County, N.Y. respectively, power output from the two distributed generation facilities is secured under 30-year long-term power purchase agreements with the towns of Union Springs and Cazenovia, N.Y.
“These two projects represent proof-of-concept for our asset ownership strategy and represent a solid foundation to aggressively grow our portfolio of assets under ownership in 2023 and beyond,” said Myke Clark, chief executive officer of Solar Alliance.
Redball Power is providing up to $530,000 in tax equity financing for the two New York projects, which carried a $1.1 million asset value according to a recent company filing. As of November 2022, Solar Alliance had a contracted project backlog of $2.5 million.
Other recent Solar Alliance project developments include:
- In September, the U.S. Army Corps of Engineers signed a contract with SAE to install a 52 kW roof mount and 51 kW carport PV system with $340,000 capital cost at the Lake Cumberland Resource Manager’s Office and Maintenance facility in Somerset, Kentucky.
- LG&U, Kentucky Utilities 500 kW solar project completion took place on July 27, 2022; The $750,000 capital cost project includes an option for SAE to build a second 500 kW solar project in the future. The Kentucky project uses 1,000 Cat solar modules from partner Boyd Cat. These modules are sold via Caterpillar’s Power Systems division after partnering with First Solar and SunPower.
- In February, the Knoxville Utilities Board signed a contract with SAE to install a 1 MW solar system in Knoxville, Tennessee during Q3 22, with $1.6 million capital cost.
- Construction remains ongoing for a 526 kW roof-mounted solar system in Rockford, Tennessee for industrial company AESSEAL’s U.S. headquarters.
Solar Alliance is a project development company focused on the commercial, utility and community solar sectors. To date the company has installed projects for C&I and utility customers in Tennessee, Kentucky, North and South Carolina. In the southeast, the company has developed projects under contract with Bridgestone Americas, Precision Parts, Maker’s Mark, Wampler’s Sausage Farm and the Appalachian Electric Cooperative, among others.
In addition to New York, SAE has outlined a growth strategy for project development of up to 5 MW of projects in additional states that include Arizona, Nevada, New Mexico, Florida, Georgia, Illinois, Ohio, New Jersey, Maryland and Delaware.
Besides greenfield development, the company continues to review acquisition opportunities for stranded development pipeline opportunities requiring project funding or technical expertise in the C&I or utility project market.
