Solar Alliance Energy Inc. (‘Solar Alliance’) is pleased to announce it has signed an agreement (the “Agreement”) with Coachella Brands, Inc. (“Coachella”) for the design and construction of a 600 kilowatt commercial-sized solar project in California (“the Project”). The Project consists of a ground mounted solar installation at a new legal cannabis growing and processing facility. The Solar Alliance engineering team analyzed Coachella’s requirements and designed a system that will offset a large portion of the facilities electricity needs with lower cost renewable energy.
“It has been estimated that 1% of America’s electricity generation is used by cannabis growers, a very significant figure given growth projections. The signing of this commercial solar project agreement with Coachella Brands provides an entry into an extremely attractive and developing market with an aggressive growth curve,” said Chairman and CEO Jason Bak. “The rapidly growing cannabis industry is energy intensive and the current power infrastructure is not yet sufficient to supply demand in many areas. By removing power as the constraint to growth and offering financing products tailored to the industry, we are planning to have Solar Alliance become the solar provider of choice for cannabis facilities.”
Solar Alliance is committed to developing a long-term relationship with its customers by having them “Join the Alliance”. Enabling customers to participate in the equity growth of Solar Alliance is one way to build a movement. As part of the agreement, the Company will issue 250,000 warrants exercisable at a price of 12 cents per share for a period of two years. The warrants are subject to the approval of the TSX Venture Exchange.
The next stage in the Project’s development is to complete a final feasibility study which will consist of system design, grid interconnection / utility meter connection point, construction and technical requirements, permitting requirements, safety requirements and any additional modifications required to support the Project. The preliminary schedule for the Project anticipates construction commencing in January, 2018.
Jason Bak, Chairman and CEO
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