VANCOUVER, BC --(Marketwired - January 17, 2017) - Solar Alliance Energy, Inc. ('Solar Alliance') or (the 'Company') (TSX VENTURE: SAN) (OTCQB: SAENF) is pleased to announce it has signed a Letter of Intent ("LOI") with Concord Green Energy, Inc. ("Concord") for the sale of certain British Columbia wind energy assets for $1,350,000 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. The wind asset sale and plan of arrangement does not involve the Company's solar assets.
The Wildmare Wind Energy Project is an advanced stage 77.4 MW project located 4.5 km northwest of Chetwynd, BC and has several key attributes:
- Strong wind resource in a region with transmission capacity;
- Significant wind, engineering and environmental studies have been completed;
- Financial models indicate a project with strong returns; and,
- The long term market for clean, renewable electricity is strengthening with potential demand from the proposed LNG industry in British Columbia and the potential for power exports to Alberta.
"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," said 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."
Further details regarding the plan of arrangement will be provided when a definitive Transaction Agreement is reached with Concord. There can be no assurance that the definitive Transaction Agreement will be entered into. Completion of the proposed transaction remains subject to the satisfaction of a number of conditions precedent.
About Concord Pacific and Concord Green Energy Inc.
Concord Pacific created Concord Green Energy to explore and support a variety of zero carbon energy producing projects of scale. Planning for infrastructure needs and requirements of Canadians has always been a cornerstone to Canada's first urban master-planned community builder, Concord Pacific. Energy considerations and solutions will be significant to success to sustainable communities of the future. Concord Green Energy has projects of scale at various stages of planning, development, and operation across Canada., visit www.concordpacific.com.
Chairman and CEO
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is a sales, marketing and development company focused on residential, commercial and industrial solar installations. Since we were founded in 2003, we have developed wind and solar projects that provide enough electricity to power 150,000 homes. Solar Alliance is committed to an exceptional customer experience, effective marketing campaigns and superior lead generation in order to drive sales and generate value for shareholders. Our passion is improving life through ingenuity, simplicity and freedom of choice. We make solar simple and our goal is to install solar on every available rooftop in America.
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. The words "would", "will", "expected" and "estimated" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."