Solar Alliance Energy Inc. has completed the acquisition of a 298 kW project in New York State from Abundant Solar Power Inc. The project acquisition represents the first project Solar Alliance will own and operate under a 30-year power purchase agreement. Construction will commence in early 2022.
“The completion of this acquisition is a clear indication of the progress our team continues to make as we build out our project pipeline and begin building projects that we will own and operate,” says CEO Myke Clark. “This project is the first of several we plan to build, own and operate in New York State in partnership with Abundant and will provide stable, recurring revenue in addition to the revenue we continue to generate from the sale of solar systems to businesses and utilities.”
Solar Alliance and Abundant continue to make progress on a second 389 kW project in New York State, first announced June 23, 2021. These two projects represent the initial stages of a longer-term relationship with Abundant to build out a portfolio of assets Solar Alliance will own and operate.
“We are pleased to be working with Solar Alliance on this project and see the potential for an expanded relationship moving forward,” states Abundant CEO Richard Lu. “Abundant Solar has an extensive pipeline of solar projects in development, and we see strong synergies between our two teams.”
The net capital cost for the project is expected to be approximately $401,000 and will be financed by Solar Alliance through a combination of debt, equity and tax equity.