Why Solar Alliance Energy (TSXV:SOLR) Stock Popped By 21%?

Summary

  • Solar Alliance Energy’s stock popped up 21 per cent as the company bagged a contract to build a 500-kilowatt solar system in Kentucky, US.
  • The green energy stock has gained 1557 per cent in one year and offering a return on equity of nearly 25 per cent.
  • In its third-quarter financial report, the solar power company reported revenue with a surge of 37 per cent year-over-year (YoY).

 

Solar Alliance Energy Inc. (TSXV: SOLR) announced on Wednesday, January 27, that it has entered an agreement with Louisville Gas and Electric Company and Kentucky Utilities Company to develop an additional 500-kilowatt solar plant in Kentucky, US.

Its stock rallied as much as 20.83 per cent on the back of the new contract.

Earlier in November, the company signed a pact for the development of a 500-kW phase at the same site. Solar Alliance is working in collaboration with Boyd CAT, a US-based caterpillar supplier, in Kentucky and other solar power ventures in the US.

Let us dive into the Toronto Stock Exchange (TSXV)-listed renewable stock performance and financials:

 

Solar Alliance Energy Inc. (TSXV: SOLR)

 

The renewable energy stock’s one-year return is 1557 per cent. The company offers semiconductor-driven solar systems. It also has built wind projects along with solar systems that offer enough power to supply electricity across nearly 150 thousand households. It has two partners, Sunrun and Ygrene Energy Fund Inc.

Over 15 million scrips were traded on Wednesday, January 27. Shares of the Vancouver-based firm have rocketed by 625 per cent month-to-date (MTD), with a 30-day average volume of 6.5 million.

It has total listed shares outstanding of 231.5 million, with a return on equity of 24.97 per cent. The stock is currently trading at C$ 0.58.

Image Source: Kalkine Group @2020

The technology-backed energy firm reported revenue of C$ 530,385 for the third quarter, ended on September 30, 2020, vis-à-vis C$ 388,132 in the same period in 2019, a rise of 37 per cent year-over-year (YoY).

The company had total current liabilities worth approximately C$ 6.35 million as of September 30, 2020, against 6.52 million as of December 31, 2019.

On January 4, the solar panel installer won a contract from Green Data Center Real Estate Inc. worth US$ 60 million to construct a 56-megawatt solar phase in Illinois, US.

On November 15, 2020, it approved stock incentive options of 1.8 million common shares to its few directors and executives, with a lifeline of five years at C$ 0.05 per stock. Since then, the stock has soared almost 1060 per cent.

On October 13, 2020, the Company settled its debt up to C$ 260,185 (unpaid consulting fees) and a second debt settlement with its certain directors by issuing a cumulative of 7,433,857 shares at C$ 0.035 per unit. 

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