December 01, 2009 08:30 AM Eastern Time
Solar Energy Initiatives, Inc. Announces $1.7 Million Solar Project
PONTE VEDRA BEACH, Fla.--(BUSINESS WIRE)--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 Letter of Intent to assume a $1.7 million turn-key solar
project and contract to supply the Gainesville Regional Utilities with solar electricity.
Installation of this project is expected to begin immediately with completion scheduled
for January, 2010.
As the project developer for the solar project, Solar Energy Initiatives will supply the
solar equipment and balance of system. In addition to the sale of solar equipment and
balance of supplies, the Company will also generate revenue via the sale of the newly
generated solar energy to the municipality under its Feed-In-Tariff program, over a 20year contract period. Solar Energy Initiatives will partner with a major funding source
and a solar installation company, to install the solar system at no “out of pocket”
expense to the municipality.
“This most recent contract award is proof that our model, of providing cost effective
energy solutions that allow for long term savings, is a highly desired service offering to
the municipal market,” stated Mr. David Fann, Chief Executive Officer of Solar Energy
Initiatives. “Our ability to provide a complete solution including financing gives us the
competitive edge needed to complete these projects. Our entire management team is
focused on converting additional projects from our $100 million pipeline to maximize
both revenue and bottom-line earnings. Management is focused on leveraging our
finished projects to increase awareness for municipal energy projects located around
North America.”
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 multipronged 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
(NASDAQ: CSIQ), BP Solar (NYSE:BP), GE Solar (NYSE:GE) and Suntech
(NYSE:STP) 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 (NASDAQ:FSLR), Kyocera (NYSE:KYO), or Sanyo (OTC:SANYY),
or as a system integrator, it provides exciting and practical solutions to businesses and
individuals worldwide that understand the value of solar power.