Marking the first commercial sale since completing the acquisition of its Tennessee-based commercial unit in November, Solar Alliance Energy Inc. (TSX-V:SOLR) said early Wednesday morning that it was awarded a contract to construct a 2.4-megawatt solar project for an anonymous "Fortune Global 500 company in the Southeast U.S."
Although investors would likely prefer knowing who the client is, it's not uncommon for large companies to remain unnamed for competitive or simply confidentiality reasons. In this case, though, Solar Alliance said that the name of the customer will be released once the project is done, which is expected during the third quarter.
Solar Alliance is responsible for essentially the whole project from design to on-site training for maintenance once complete, including engineering, licenses, material supply and construction. At 2.4 MW, roughly the equivalent of 480 average-sized residential solar systems, the project is the largest ever sold by Solar Alliance.
No contract dollar amount was disclosed. SOLR Chairman and CEO Jason Bak did say that the big project is representative of what the company is developing, calling it the "first of a number of projects of this type and caliber."
Shares of SOLR closed trading on Tuesday at six cents. After closing 2016 at seven cents, shares are down 14.3% so far in 2018, a trend investors will be hoping to see reverse with some help from deal flow from the company's commercial segment.
