Clear Skies Solar Establishes Financial Subsidiary in Response to Rapidly Expanding Market for Small, High Volume Projects
February 17 2011 - 6:00AM
Clear Skies Solar, Inc (CSS) (OTCBB:CSKH), a full-service renewable
energy provider to commercial, industrial and agricultural clients,
today announced the formation of a new wholly owned subsidiary,
called Clear Skies Financial Inc., to fund the Power Purchase
Agreement or PPA of smaller high volume projects the Company has
pending in its pipeline of business.
Specifically, the Company formed Clear Skies Financial Inc. to
reduce the processing time required to fund these projects, and to
provide immediate access to secure financing, thereby avoiding the
need to invest time and resources pursuing certain existing
residential financial packages that can be "questionable" or
present challenges to obtain. Clear Skies Solar anticipates
funding of an initial $5.0 million in financing pursuant to the
terms of the LOI which will only require approval of the credit
criteria of each transaction. This initial investment represents
the funding for approximately 200 residential properties or one
megawatt which will fuel the Power Purchase Agreement under which
this program was developed. This transaction does not require
CSS to issue any equity based securities.
Beginning immediately, this new financing program under Clear
Skies Financial will be available to clients in New Jersey,
Massachusetts, Connecticut, Pennsylvania and Delaware. Given
the rapid expansion in the residential and small commercial
markets, the Company also expects to duplicate this model in
several additional key states in the coming months.
Ezra Green, CEO of Clear Skies Solar, advised, "We started this
subsidiary in order to offer our clients a user-friendly experience
in complete solar installation, including the important financing
component. We believe Clear Skies Financial will also prove to
be a solid asset to our investor base and shareholders as business
is driven through facilitated financing. With Clear Skies
Financial, the financing process will now be quite painless for our
customers and we expect to be installing 30 to 40 homes per month
in the next 60 days."
About Clear Skies Solar, Inc.
Clear Skies Solar, Inc. (CSS), through its wholly owned
subsidiary, provides full-service renewable energy solutions to
commercial, industrial and agricultural clients across the country.
CSS was incorporated in 2003 and launched formal operations in
2005. During that time, the Company developed its proprietary
systems, obtained important licenses and certifications, and
acquired technologies to maximize the impact of its construction
expertise in the renewable energy sector. Clear Skies Solar
has become one of the premier solar electric installation companies
in the country. For more information about CSS please visit
http://www.clearskiessolar.com
The Clear Skies Solar, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7498
Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" that involve risks and
uncertainties. These include statements about Clear Skies
Solar's expectations, plans, objectives, assumptions or future
events. You should not place undue reliance on these
forward-looking statements. Information concerning factors
that could cause the Company's actual results to differ materially
from these forward-looking statements can be found in Clear Skies
Solar's periodic reports filed with the Securities and Exchange
Commission. Clear Skies Solar undertakes no obligation to
publicly release revisions to these forward-looking statements to
reflect future events or circumstances or reflect the occurrence of
unanticipated events.
CONTACT: Clear Skies Solar, Inc.
Investor Relations Department
Email: IR@ClearSkiesSolar.com
Direct: 1-877-309-CSKH (2754)