Solar Alliance Energy Inc., a solar sales and marketing firm with home bases in Vancouver, B.C., and San Diego, has signed a letter of intent with Concord Green Energy Inc. for the sale of certain British Columbia wind energy assets for C$1.35 million through a plan of arrangement. The wind asset sale includes the sale of a 15% interest in the Wildmare Wind Energy project and a 100% interest in other assorted development-stage wind assets in British Columbia.
Solar Alliance notes further details regarding the plan of arrangement will be provided when a definitive transaction agreement is reached with Concord. Completion of the proposed transaction remains subject to the satisfaction of a number of conditions precedent.
“The sale of a portion of our British Columbia wind assets will allow us to fund the ongoing expansion of our solar business in the United States,” explains Solar Alliance Chairman and CEO Jason Bak. “In combination with this transaction, we are also pursuing a potential strategic partnership in an effort to accelerate the expansion of our solar operations. We have seen strong revenue growth over the last half of 2016, and we want to focus all of our resources on the massive potential we see in our U.S. solar operations.”
In October, Solar Alliance announced it was expanding its footprint into the Colorado market.