Solar Energy Initiatives Announces Letter of Intent for $16 Million School District Project in Pennsylvania
Solar Energy Initiatives (BB) (USBB:SNRY)
Monday 28 June 2010
Solar Energy Initiatives, Inc. (OTCBB: SNRY), 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.
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