SOURCE: Solar Energy Initiatives, Inc.

Solar Energy Initiatives, Inc.

May 06, 2010 08:30 ET

Solar Energy Initiatives Begins Construction of First Phase of 1 MW Municipal Solar Installation

PONTE VEDRA BEACH, FL--(Marketwire - May 6, 2010) - Solar Energy Initiatives, Inc. (OTCBB: SNRY), with businesses in solar project development, distribution and workforce training, announced today the company has initiated phase 1 of a 1 MW solar energy installation on a southeast municipality. The 500 KW project is fully funded and expected to recognize $2 million in revenue in the 4th quarter ended July 31, 2010. 

SNRY Power, a wholly owned subsidiary of Solar Energy Initiatives, will provide energy cost savings to the school district through a newly implemented solar energy solution consisting of 2275 solar panels installed on a 4.6 acre site . This project will reduce hazardous carbon dioxide emissions by 768 tons annually. The Company utilized local contractors, a local funding source and a strategic solar installation company to install the solar system at no "out of pocket" expense to the school district. Under a Power Purchase Agreement ("PPA") SNRY Power will supply the solar equipment and balance of system for the school district project and will receive revenue through the sale of the solar energy to the school district over a 20-year contract period.

"This school district represents an incredible opportunity for us to install our energy solutions to over a dozen centralized schools in the area," stated Jim Roberson, Managing Director of SNRY Power. "Management believes that its solar energy services provide an attractive alternative to all municipalities and expects to see similar commercial contracts executed in the near future.

"The Company looks forward to breaking ground on other projects in the area after successfully demonstrating our business model and the attractiveness of solar power. SNRY Power is gaining market share within the municipal markets and expects to continue this trend going forward, as it strives to establish itself as a leader within the solar energy marketplace."

About Solar Energy Initiatives, Inc.
Solar Energy Initiatives, Inc. (OTCBB: SNRY), d-b-a SNRY Solar, 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 Information

  • Contact:
    Investors:
    Solar Energy Initiatives, Inc.
    David Fann
    Chief Executive Officer
    904-644-6090
    Email Contact

    Alliance Advisors, LLC
    Chris Camarra or Bryan Kobel
    212-398-3487
    Email Contact

    Media:
    Solar Energy Initiatives, Inc.
    Chris Wirth
    Chief Marketing Officer
    904-644-6090
    Email Contact