Solar Energy Initiatives, Inc. today announced it has signed a letter of intent with a private developer to initiate a $4 million turn-key solar project in the State of Georgia. Under the completed agreement, Solar Energy Initiatives, Inc. will lead the project development effort including system design, installation, and operation of the proposed 1 megawatt (MW) of photovoltaic (PV) systems on site. The Company anticipates that the projects will break ground in the Winter of 2010 with completion scheduled sometime in the Summer of 2011.
"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. The market is moving quickly and we are poised to react favorably 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 and solar renewable energy credits (SRECS) to the local utility, over a 10-year contract period. SNRY plans to partner with a major funding source, as well as a recognized local solar installer, to launch the solar system. The project is designed to utilize approximately 4,250 solar panels totaling 1 megawatts of installed capacity and is projected to reduce hazardous carbon dioxide emissions by 1,500 tons, annually.
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