Solar Energy Initiatives, Inc. Announces Completion of 2.5 MWs of Power Purchase Agreements (PPAs)
October 07 2010 - 8:30AM
Marketwired
Solar Energy Initiatives, Inc. (OTCBB: SNRY), with businesses in
solar project development, distribution and workforce training,
today announced it has signed three Power Purchase Agreements
(PPAs) with the Tennessee Valley Authority (TVA) to build 2.5 MWs
of projects with municipal and institutional clients. Under the
completed agreements, TVA has agreed to purchase all of the power
the systems produce, as well as the associated environmental
benefits. Solar Energy Initiatives, Inc. will lead the project
development effort, including system design, installation and
operation of the proposed 2.5 megawatts (MW) of photovoltaic (PV)
systems on the sites. The Company anticipates that the projects
will break ground in the first quarter of 2011, with completion
scheduled sometime in the summer of 2011. The projects are expected
to generate approximately $10,000,000 in revenue.
"This announcement marks yet another success for the project
development team at SNRY," stated Mr. David Fann, Chief Executive
Officer of Solar Energy Initiatives. "Our ability to quickly secure
these opportunities is the result of diligent preparation on the
part of our management team. Our sales pipeline continues to grow
and we are poised to execute on these opportunities for the benefit
of our shareholders."
Solar Energy Initiatives will serve as the developer of the
project and will provide all of the solar equipment and balance of
system to the commercial site. In addition to product sales and
services, the Company will also receive revenue from the management
of the sale of the newly generated solar electricity. SNRY plans to
partner with a major funding source, as well as a recognized local
solar installer, to launch the solar systems. The project is
designed to utilize approximately 10,625 solar panels totaling 2.5
megawatts of installed capacity and is projected to reduce
hazardous carbon dioxide emissions by 4,000 tons annually.
About Solar Energy Initiatives, Inc.
Solar Energy Initiatives, Inc. (OTCBB: SNRY) is a diversified
provider of solar solutions with three principal operating groups
focused on large-scale projects, solar education and distribution
of solar products. SNRY Power is a developer and manager of
municipal and commercial scale solar projects. The SolarEos Group
is dedicated to the education and continuous improvement of solar
energy trade professionals. SNRY Solar is a wholesale distributor
of branded photovoltaic and thermal (water heating) systems selling
via a network of dealers throughout the United States and the
Caribbean. Solar Energy Initiatives also owns SolarEnergy.com, one
of the most visited solar websites on the internet and a digital
property committed to driving consumer traffic, while serving as a
platform for awareness of the benefits of solar and a source of
business lead generation to SNRY Solar's channel partners. Through
its diversified portfolio of solar businesses, Solar Energy
Initiatives, Inc. is committed to restoring the nation's economy
through a grassroots campaign called "Renew the Nation." Renew the
Nation brings together a broad alliance of public and private
sector interests focused on workforce development, job creation and
economic growth through solar energy. For more information please
visit http://www.solarenergy.com/.
Contact: Investors: Solar Energy Initiatives, Inc. David
Fann Chief Executive Officer 904-644-6090 Email Contact or Alliance
Advisors, LLC Chris Camarra or Bryan Kobel 212-398-3487 Email
Contact
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