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Solar Alliance Signs Operations and Maintenance Contract with Knoxville Utilities Board
VANCOUVER, BC AND KNOXVILLE, TN / ACCESSWIRE / March 13, 2019 / Solar Alliance Energy Inc. (&...
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"Solar Alliance Signs Operations and Maintenance Contract with Knoxville Utilities BoardVANCOUVER, BC AND KNOXVILLE, TN / ACCESSWIRE / March 13, 2019 / Solar Alliance Energy Inc. (‘Solar Alliance') or (the ‘Company') (TSX-V: SOLR) is pleased to announce it has been awarded an Operations and Maintenance (\"O&M\") contract with the Knoxville Utilities Board (\"KUB\") for the utility's solar facilities. The O&M contract is for a term of 3 years plus an option for an additional 2 years and provides an additional stable, recurring revenue stream to the Company. The contract includes the installation of a monitoring system, preventative maintenance and any repair work required.\"We are proud to be working with the Knoxville Utilities Board to provide operations and maintenance services to their solar facilities,\" said CEO Myke Clark. \"The Solar Alliance team will be responsible for completing all maintenance and repairs, both scheduled and non-scheduled, during the contract period. Operations and maintenance contracts leverage our team's expertise and allow us to generate a material recurring revenue stream without having to increase our overhead. This contract award marks another maintenance contract in our growing O&M portfolio for utilities, municipalities and large commercial clients. Solar Alliance also offers maintenance services for small commercial and residential clients and will be targeting other O&M opportunities in the future as we continue to develop this business line,\" concluded Clark.The O&M contract signed with KUB, combined with current and potential additional O&M contracts in the future, adds a fourth distinct revenue stream for Solar Alliance as the Company implements its updated strategic plan to grow a stable, profitable company. In 2018, the Company experienced a ten-fold increase in commercial solar installations over the previous year and entered into agreements with a Fortune Global 500 company in the southeast US and a large property developer in California. These agreements total almost 3 megawatts (\"MW\") of solar projects and set the stage for future large-scale projects. Solar Alliance also enhanced its sales process for targeting small- to mid-sized commercial projects in order to increase revenue turnover and improve cashflow. Finally, the Company launched \"S...