Solar Energy Initiatives, Inc., with businesses in solar project development, distribution and workforce training, today announced it has signed a letter of intent with a School District in Pennsylvania to install and operate approximately 4 megawatts (MW) of photovoltaic (PV) systems on government buildings. The Company anticipates that the projects will break ground in the Fall of 2010 and be completed sometime in the Spring of 2011.
Solar Energy Initiatives will provide all solar equipment for the installation on the sites and sell the newly generated solar electricity to the buildings at a discounted rate. The Project is expected to provide energy savings to the District over a 20-year term and does not require any out of pocket costs to the District. The project will utilize approximately 17,000 solar panels totaling 4 megawatts of installed capacity and is projected to reduce hazardous carbon dioxide emissions by 6,000 tons, annually.
“I am extremely pleased with SNRY’s capacity to secure these profitable commercial agreements,” stated Mr. David Fann, Chief Executive Officer of Solar Energy Initiatives. “These contracts represent a fraction of the vast amount of pending commercial opportunities in our constantly growing operational pipeline. We are encouraged by the significant growth opportunity that they represent in Pennsylvania and throughout the U.S. where government leadership is focused on Green Energy. Solar Energy Initiatives will remain dedicated to following this proven business model in order to continue growing market presence, secure additional contracts, and increase earnings to the bottom-line.”
The Company will partner with a local Solar Dealer for the construction and utilize local labor throughout the Project development effort. Solar Energy Initiatives will recognize energy sales over a 20-year period from the project ownership and the sale of Solar Alternative Energy Credits through a State program supported by the Pennsylvania Public Utilities Commission.
About Solar Energy Initiatives, Inc.
Solar Energy Initiatives, Inc. is a diversified provider of solar solutions with three principal operating groups focused on large-scale projects, solar education and distribution of solar products. SNRY Power is a developer and manager of municipal and commercial scale solar projects. The SolarEos Group is dedicated to the education and continuous improvement of solar energy trade professionals. SNRY Solar is a wholesale distributor of branded photovoltaic and thermal (water heating) systems selling via a network of dealers throughout the United States and the Caribbean. Solar Energy Initiatives also owns SolarEnergy.com, one of the most visited solar websites on the internet and a digital property committed to driving consumer traffic, while serving as a platform for awareness of the benefits of solar and a source of business lead generation to SNRY Solar’s channel partners. Through its diversified portfolio of solar businesses, Solar Energy Initiatives, Inc. is committed to restoring the nation’s economy through a grassroots campaign called “Renew the Nation.” Renew the Nation brings together a broad alliance of public and private sector interests focused on workforce development, job creation and economic growth through solar energy. For more information please visit http://www.solarenergy.com/.
Contact:
Investors:
Solar Energy Initiatives, Inc.
David Fann
Chief Executive Officer
904-644-6090
david.fann@solarenergy.com
or
Alliance Advisors, LLC
Chris Camarra or Bryan Kobel
212-398-3487
ccamarra@allianceadvisors.net
SOURCE: Solar Energy Initiatives
