Solar Alliance Energy Inc. has entered into a three-year operations and maintenance agreement with the Knoxville Utilities Board for its solar facilities.

The contract has an option for an additional two years and will provide a stable revenue stream to the British Columbia, Canada-headquartered company, according to a March 13 release. The contract also includes installation of a monitoring system and preventative maintenance.

"The Solar Alliance team will be responsible for completing all maintenance and repairs, both scheduled and non-scheduled, during the contract period," said Solar Alliance Energy CEO Myke Clark.

Additionally, the company on March 13 sold up to 16,666,667 units at 3 Canadian cents per unit through a private placement, for proceeds of C$500,000. Solar Alliance Energy also issued 1,070,000 units for proceeds of C$32,100.