Mr. Myke Clark reports

SOLAR ALLIANCE PROVIDES Q3 CORPORATE UPDATE

Solar Alliance Energy Inc. has provided a corporate and operational update for Q3 2023.

"The third quarter of 2023 saw continued progress as our team focused on executing on our current backlog while targeting additional large solar projects," said chief executive officer Myke Clark. "The second half of 2023 has been extremely busy to date as we build out our backlog of contracted projects and translate that backlog into revenue. We have managed our contracted backlog, which is approximately $5.8-million, to a level that we feel allows rapid conversion to revenue while still maintaining our highest standards of execution. We expect the majority of this $5.8-million in backlog to be converted by the end of 2023, with the full amount converted by the end of Q1 2024. Given our backlog and outlook for the remainder of 2023 we have made achieving profitability a corporate target for the year, and we are working diligently to achieve that goal."

Key corporate highlights and objectives include:

Contracted project backlog of $5.8-million

The company continued to add to its backlog of contracted projects in Q3 2023. This solar project backlog provides a strong foundation for growth during the balance of 2023 and into 2024. The backlog has been driven by the transition to larger commercial solar system sales and is backed by several key projects:

• Construction commenced on a 565-kilowatt (kW) commercial solar project for a manufacturing client in Tennessee announced on May 31, 2023. The project is currently targeted for completion by the end of 2023.
• Construction commenced on an 872 kW solar project in Tennessee announced on Feb. 13, 2023, with a $1.8-million capital cost. Design and engineering on the project began in Q2 2023 with completion targeted by the end of 2023.
• Two projects, 250 kW and 299 kW, for a Tennessee client announced on July 10, 2023. The two projects, with a capital cost of $1.58-million, are scheduled to begin construction in Q4 2023 and are currently targeted for completion in Q1 2024.

Affiliate program launched

In support of the company's organic growth strategy in the Southeast United States, the company announced the launch of the Solar Alliance affiliate program on Sept. 12, 2023. The affiliate program provides independent sales organizations with access to branded marketing materials, design, engineering and installation management services. In return, the affiliates bring commercial solar opportunities to Solar Alliance. The affiliate program is initially focused on the Southeast U.S. market and has the potential to be expanded to additional regions in the U.S. Solar Alliance has signed the first affiliate agreement with Market Street Solar, a North Carolina-based company. The company is assessing additional affiliate program members as it expands its footprint in the Southeast U.S.

Large solar system sales

The company continues to target larger customers for third party solar system sales and installations, specifically for commercial and industrial customers. Solar Alliance's strategy is to design, engineer and install commercial solar systems ranging in size up to several megawatts.

Corporate growth opportunities

Solar Alliance continues to source and assess acquisition opportunities that meet the company's criteria of profitability, market opportunity and strong management teams. The company is also pursuing corporate opportunities to expand through partnerships, joint ventures or other initiatives.

"We are committed to exploring all accretive and strategically opportunistic North American acquisition opportunities, with a bias towards the U.S. market. We remain committed to growing responsibly while avoiding excessive dilution. I believe this approach will allow for greater long-term success for Solar Alliance and our shareholders. Our team continues to reduce costs, increase revenues and increase margins as we experience growth in the U.S. commercial solar market. As a result, we have the flexibility to wait for more favourable market conditions and acquisition opportunities. This approach is particularly important during the difficult market conditions many small cap renewable companies are experiencing," concluded Mr. Clark.

About Solar Alliance Energy Inc.

Solar Alliance is an energy solutions provider focused on the commercial, utility and community solar sectors. Its experienced team of solar professionals reduces or eliminates customers' vulnerability to rising energy costs, offers an environmentally friendly source of electricity generation and provides affordable, turnkey clean energy solutions. Solar Alliance's strategy is to build, own and operate its own solar assets while also generating stable revenue through the sale and installation of solar projects to commercial and utility customers. The company currently owns two operating solar projects in New York and is actively pursuing opportunities to grow its ownership pipeline. The technical and operational synergies from this combined business model support sustained growth across the solar project value chain from design, engineering, installation, ownership and operations/maintenance.

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