BBSE Barnabus Energy Readies for New California Solar Initiative
Market Wire - December 15, 2005 9:08 AM (EDT)
SOLANA BEACH, CA -- (MARKET WIRE) -- Dec 15, 2005 -- Barnabus Energy, Inc. (OTC BB: BBSE) is pleased to note that the California Public Utilities Commission has released the California Solar Initiative (CSI), the largest solar energy bill in US history, and second in the world only to current German incentive programs.
The CSI will effectively act as a replacement for the ill-fated Million Solar Roofs Initiative (SB1) originally proposed by Governor Schwarzenegger. It will establish an 11-year solar rebate program for new and retrofit installations of solar photovoltaic (PV) systems, worth $3.2 billion.
Because the CSI does not require State legislative approval, only the vote of the five PUC Commissioners, the likelihood of passage is extremely high. The long term rebate commitment to roof-top solar systems provides the stability that developers and home owners need to make PV purchasing decisions.
David Saltman, CEO of Barnabus Energy Corporation, stated, "This is an incredible windfall for our company. Both Connect Energy and Solar Roofing Systems will benefit greatly from CSI. It could easily double the demand for our products over the next several years. Major housing developers will now look at our integrated roofing systems as part of their project designs."
The rebate program provides performance-based incentives, rewarding projects on the basis of actual energy generation, a structure which favors Barnabus products, all of which incorporate high efficiency cells delivering more electrical power per square foot than our competitors. The initiative will also support concentrated solar systems, such as Suncone, by providing rebates of $2.80 per watt, which will make SunCone electricity cost-competitive with traditional gas fired power plants.
ABOUT THE COMPANY
Barnabus Energy, Inc. (BBSE) is committed to the development of a Renewable Energy (RE) project portfolio. The Company is currently acquiring commercially viable projects within the Renewable Energy sector encompassing diverse aspects of the industry. Management has closely aligned itself with key strategic partnerships that will move the Company forward towards future acquisitions and growth. The company's model is a focused approach to the exploitation of targeted, low-risk development opportunities.
Safe Harbor for Forward-Looking Statements:
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Barnabus Energy, Inc. has little or no control.
ON BEHALF OF THE BOARD
Barnabus Energy, Inc.
David Saltman, President
Investor Relations Contact:
Brad Long
1-800-250-2610
Visit our website at www.barnabusenergy.com
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