Solar Energy Initiatives, Inc. (OTCBB: SNRY), executing on a grass roots campaign, “RENEW THE NATION,” to help redeploy a portion of the U.S. work force and focus on reducing the world’s dependence on fossil fuels by selling solar thermal and photovoltaic (PV) technologies, today announced the signing of a Project Funding Agreement with a financial services company located in the Northeast United States.
The terms of the agreement state that the financial services company and SNRY will work jointly on projects whereby SNRY will provide Engineering, Procurement and Construction management services and the financial services company will provide project identification and funding services for jointly developed projects. SNRY receives revenues not only from the sale of the solar equipment and balance of system but also from the energy sold to the municipality, recognizing energy sales over an approximate 20 year contract period.
“We are pleased to have established a significant relationship with such an outstanding financial services company, in our goal to establish ourselves as the market leader within the solar energy market,” stated David Fann, Chief Executive Officer of Solar Energy Initiatives. “Management is confident that it now possesses the necessary funding required to complete the vast amount of pending contracts in our project pipeline and have the wherewithal to execute on projects brought to us by our financial project partner. The ability to secure a strategic relationship, such as this, speaks volumes as the credibility and growth that Solar Energy Initiatives has achieved since inception. Management believes its ability to secure immediate funding for its contracts and break ground in a timely fashion on installs is one of the most vital factors in establishing a competitive advantage.”
About Solar Energy Initiatives, Inc.
Solar Energy Initiatives, Inc. (www.SolarEnergy.com) is executing its “RENEW THE NATION” campaign, intended to promote job growth nationwide via an aggressive grass roots effort. The main focus of RENEW THE NATION is working with companies in the construction industry and related trades affected by the economic downturn to re-train and re-deploy their workforce into the solar industry as dealers and technicians, allowing this important national asset to meet the needs of the Solar Energy industry, the fastest growing industry in the world. Solar Energy Initiatives is executing on a multi-pronged approach to achieve its plan. This includes: continuing development of one of the fastest growing dealer networks in the U.S. that sells and installs solar solutions to homeowners and commercial customers; solar education and technical training to the private and public sectors and placing solar systems on large commercial buildings and selling the energy output to the owner/occupant(s) through Solar Power Purchase Agreements (PPAs).
The Company’s dealer network of solar energy installers has access to Canadian Solar, BP Solar, GE Solar and Suntech equipment via its distribution agreements. While Solar Energy Initiatives is not a solar franchise, and the Company does not compete directly with industry giants such as First Solar, Kyocera, or Sanyo, or as a system integrator, it provides exciting and practical solutions to businesses and individuals worldwide that understand the value of solar power.