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Solar Alliance Signs Agreement for 715 kW Solar Project in Florida and Option Agreement for Additional 25 MW Solar Project Pipeline
VANCOUVER, BC & KNOXVILLE, TN / ACCESSWIRE / June 5, 2019 / Solar Alliance Energy Inc. ('...
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"Solar Alliance Signs Agreement for 715 kW Solar Project in Florida and Option Agreement for Additional 25 MW Solar Project PipelineVANCOUVER, BC & KNOXVILLE, TN / ACCESSWIRE / June 5, 2019 / Solar Alliance Energy Inc. ('Solar Alliance' or the 'Company') (TSX-V: SOLR, OTC: SAENF) is pleased to announce it has entered into a definitive agreement with BE Trilogy Solar Project LLC (\"Trilogy\") for construction management services for a 715 kilowatt ground mount solar installation in Groveland, Florida. Construction on the project started in late May, 2019 and is expected to be completed by Q3, 2019. The energy produced from the solar project is estimated to provide 100% of the power required for the Cascades of Groveland Homeowners Association. This is the first non-utility 3rd party owned solar array that is powering a non-profit in the state of Florida.Solar Alliance is also pleased to announce it has signed a Solar Development Agreement (\"Development Agreement\") with Sundamental, LLC, a company affiliated with Trilogy, for an exclusive option for Solar Alliance to provide construction management or full engineer, procurement and construction (\"EPC\") services for a pipeline of up to 18 solar projects in New Jersey, Illinois, Texas and California with an estimated capital construction cost of $39 million for a total of approximately 25 megawatts. The pipeline of customers includes companies such as an Illinois University, a New Jersey Hospital, a utility, and a steel Company. Profit attributable to Solar Alliance will vary by project depending on the type of contract signed for each. EPC projects generate higher profit margins while construction management contracts generate lower revenue totals but higher margins. The Company anticipates the projects in the pipeline will be financed by Sundamental LLC or an affiliate that will provide funding for equipment and other costs of goods. The projects in the pipeline are all late stage developments and an assessment is already underway to prioritize each of the projects in the pipeline and move them towards construction.The Development Agreement also contains an option for Solar Alliance to contribute equity to any of the 18 projects in the pipeline, which could result in another recurring revenue stream to Solar Alliance.\"Solar Alliance is excited to be working with Sundamenta...