PONTE VEDRA BEACH, FL - 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 that the Company signed a contract securing land for the design, construction and operation of a solar park in Southern California. The project could generate over $80 million in revenue within a 5-year time period.
Construction of up to an 18 megawatt system represents Solar Energy Initiatives first contract in the rapidly expanding solar park market. Preliminary work, including zoning, permitting, EPA and other activities, is expected to begin immediately. At full capacity, the solar park could generate enough green renewable energy to displace over 55,600 metric tons of carbon emissions, annually, that would have otherwise been produced by non-renewable power generation. The project could produce enough energy to provide power to more than 3,000 homes.
Solar Energy Initiatives, Chairman, Brad Holt, who initiated this project stated, "Our entire organization is excited to announce this groundbreaking solar park agreement. Our Company was chosen over several other solar development firms, including some who far exceeded us in size. The landholder's confidence in the team we have assembled allowed us to be granted this monumental contract. While working with the landholder, we assembled a world class development team from within our own ranks, a construction crew with extensive knowledge in renewable projects and a finance team with over 15 years of experience in energy financing. We are all excited and prepared to commence work on this project which will be completed over the next several years and may lead to future projects for the SNRY team."
John Jaffray, President of JJR Power LLC, a partner in the project, states, "We look forward to working with SNRY on this and future projects. This opportunity is very attractive to JJR because of the area's demand for solar, ideal location, great incentives and the proximity to the grid."
JJR has assembled a syndicate of financing sources for funding the installation and permanent capital requirements for this project. SNRY is expected to provide in excess of $100 million of additional financing opportunities to JJR from their robust development pipeline through year-end 2010.
"The growing demand for solar parks are proof that the federal government is dedicated to working alongside trusted industry partners to embrace cleaner and more affordable green technology," stated, David Fann, Chief Executive Officer of Solar Energy Initiatives. "Management is extremely pleased with the direction the Company is headed and this approximately $80 million project is proof that our strategic business plan is not only working but allowing us to rapidly increase our market share in the fast growing solar sector. We believe that our disciplined focus of our business model will allow us to secure additional contracts, increase market presence and achieve our overall goal of improved shareholder value."
Solar Energy Initiatives, Inc. 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 will be working with companies in the construction industry and related trades affected by the economic downturn to re-train and re-deploy their workforce, allowing this important national asset to meet the needs of the Solar Energy industry, the fastest growing industry in the world. We are executing on a three-pronged approach to achieve our 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; placing solar systems on large commercial buildings and selling the energy output to the owner/occupant(s); and becoming a developer of solar parks bringing together landowners, utilities and our corporate resources to build large photovoltaic installations.
Source: Solar Energy Initiatives, Inc.