Toronto, Canada and Knoxville, Tennessee, February 2, 2022 – Solar Alliance Energy Inc. (“Solar Alliance” or the “Company”) (TSX-V: SOLR, OTCQB: SAENF) is pleased to announce that it has completed the acquisition of a 389 kilowatt (“kW”) project in New York State from Abundant Solar Power Inc. The acquisition of the project, announced for the first time on June 23, 2021, represents the second project Solar Alliance will own and operate under a 25-year power purchase agreement. A total of 687 kW of solar projects are now owned by the company and will bring recurring revenue once they become operational in the second quarter of 2022.

Solar Alliance is targeting the New York solar market for additional growth opportunities in 2022. Including the two projects Solar Alliance now owns, the company is targeting a total of 1.7 megawatts (“MW”) of owned and operated projects. operating by the end of 2022, more than double current levels. These projects represent a fundamental step forward in the Company’s strategy given their recurring revenues and the value of their assets. Solar Alliance is also evaluating opportunities to partner with developers to significantly increase this 1.7 MW target.

“Solar Alliance continues to execute on its aggressive growth strategy with the acquisition of this second solar project in New York State,” said CEO Myke Clark. “Our goal of 1.7 MW of solar projects in operation by the end of 2022 is ambitious and achievable and represents substantial progress for Solar Alliance as we build a stable and growing portfolio of assets. Our team also continues to design, engineer and build major projects for We have experienced unprecedented growth in the size and number of major projects we build for third-party customers.This strategy – combining sales to third-party customers with stable revenues and recurring assets from our own solar assets – is now paying strong dividends and we expect continued growth in both sectors in 2022.”

Construction will begin in early 2022 and the project will have a commercial operation date in the second quarter of 2022. Construction of the company’s other solar project in New York, a 298 kW project, will take place concurrently to take advantage of cost savings achieved by the bulk purchase of materials. Panels have been purchased for both projects, both projects are fully licensed, and both projects have long-term power purchase agreements with local government partners.

The net capital cost of the project is expected to be approximately US$640,000 and will be financed

by Solar Alliance through a combination of construction debt, long-term debt, equity and tax equity. The Company is targeting an unleveraged internal rate of return of 7-9% for projects at this stage of development and this project falls within these parameters.

Myke Clark, CEO

About Solar Alliance Energy Inc. (www.solaralliance.com)

Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations. The company operates in Tennessee, Kentucky, North/South Carolina and Illinois and has an expanding pipeline of solar projects. Since its inception in 2003, the company has developed $1 billion in renewable energy projects that provide enough electricity to power 150,000 homes. Our passion is to improve lives through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customer vulnerability to rising energy costs, offers an environmentally friendly source of power generation, and provides affordable turnkey clean energy solutions.

The statements contained in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, constitute forward-looking statements. The words “would”, “will”, “expected” and “estimated” or other similar words and expressions are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information. These factors include, but are not limited to: uncertainties relating to the ability to raise sufficient capital, changes in economic or financial market conditions, litigation, legislative or other competitive, judicial, regulatory and political developments and technological or operational difficulties. Therefore, actual results may differ materially from those described in the forward-looking statements.

“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”