November 29 (Renewables Now) - Private investor Tom Anderson, already the largest single shareholder of Solar Alliance Energy Inc (CVE:SOLR), has agreed to increase his interest in the US-focused solar installer to around 50%.
Anderson will do so through the conversion of debt, with interest projected to December 31, 2018. Including a newly-agreed loan of CAD 300,000 (USD 226,000/EUR 199,000), Anderson is owed a total of CAD 2.75 million by Solar Alliance and the latest share acquisition is the result of the company’s inability to repay the investor.
The move though will support the company’s growth plan in commercial solar, the announcement says.
“The increase in the ownership position by our largest shareholder and funding commitment provides financial certainty to Solar Alliance and will allow us to move forward quickly on the expansion of our commercial solar sales and our SunBox standard solar system for residential builders,” said chairman and CEO Jason Bak.
Solar Alliance anticipates to end the year with 2.9 MW of commercial solar installations, compared to 387 kW in 2017.
The transaction has to be approved by the company’s stockholders at its annual general and special meeting scheduled for December 21, 2018.
(CAD 1.0 = USD 0.754/EUR 0.663)