Solar Alliance Energy Inc. announced it has sold a 67% interest in the Company's two operating solar projects in the state of New York for consideration of USD 973,360.72. Solar Alliance will maintain a 33% interest in the two projects (the "Projects"), enabling the Company to continue to benefit from the economics of the Projects. VC1, a 298-kilowatt ("kW") project located in the Village of Cazenovia, and US1, a 389-kW project located in the Village of Union Springs, both received permission to operate in December 2022 and are now generating clean, renewable electricity under long-term power purchase agreements with the local communities.

The Projects were constructed by Solar Alliance during 2022 as a proof-of-concept for the Company's asset ownership strategy. The sale of the interest in the Projects was completed through the settlement of a promissory note due to the acquirer that had a principal and interest balance of $973,360.72, eliminating this obligation from Solar Alliance's balance sheet.