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Solar Alliance completes acquisition of 2nd solar project in NY

solar alliance

Solar Alliance Energy, an energy solutions provider focused on residential, commercial, and industrial solar installations, announced this Thursday it completed the acquisition of its second solar project in New York State.

Firstly, the project has a 389-kilowatt capacity. The company acquired it from Abundant Solar. Back in June, Solar Alliance announced the proposal for acquisition, under a 25-year power purchase agreement. Up to date, Solar Alliance owns a total of 687-kW of solar projects in the state; which would reach commercial operations in the second quarter of this year.

Moreover, the company is targeting the New York solar market for additional growth opportunities in 2022. The growth strategy includes a new target of 1.7 megawatts of projects under ownership and operation by the end of 2022, more than double current levels. To achieve such a goal, the company is assessing opportunities to partner with developers to significantly increase its capacity.

In addition, CEO Myke Clark said. “Our target of 1.7 MW of operating solar projects by the end of 2022 is ambitious and achievable and represents substantial progress for Solar Alliance as we build a stable, growing portfolio of assets.”

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Solar Alliance to build other projects simultaneously

He also remarked. “Our team also continues to design, engineer, and construct large projects for commercial and utility customers. We have seen unprecedented growth in the size and number of large projects we are building for third-party customers.”

He finally commented. “This strategy – combining sales to third party customers with the stable, recurring revenue from our own solar assets – is now paying strong dividends and we anticipate continued growth in both sectors in 2022.”

On the other hand, the project announced today will start construction in brief; the company eyes a commercial operation date in the second quarter of the year, as outlined above. Furthermore, Construction on the Company’s other solar project in New York, a 298-kW project, will take place simultaneously to take advantage of cost savings realized by the bulk purchasing of materials.

Finally, the net capital cost for the project would reach US$640,000 and will receive financing from the company, through a combination of construction debt, long-term debt, equity, and tax equity. Solar Alliance targets an unlevered internal rate of return of 7-9% for projects at this stage of development.

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