SOURCE: Solar Energy Initiatives

October 06, 2010 08:30 ET

Solar Energy Initiatives Completes Funding for First Phase of $4 Million Municipal Installation

PONTE VEDRA BEACH, FL--(Marketwire - October 6, 2010) - Solar Energy Initiatives, Inc. (OTCBB: SNRY), with businesses in solar project development, distribution and workforce training, today announced that the company has completed the necessary funding to facilitate the first phase of a 1 Megawatt (MW) installation of photovoltaic (PV) system for a southeast municipality. The current funding for ½ Mw will allow the first phase of the project to be finalized within 120 days and generate $2 million of revenue. The funds to build the project are coming from ITC grants, a USDA grant, and a local bank.

"The Company's ability to secure funding for this profitable commercial project validates our model of obtaining municipal contracts and partnering with both local and major funding sources to complete the installations," stated David Fann, CEO of Solar Energy Initiatives. "Management believes that our alternative energy solutions provide an attractive investment opportunity to municipalities and financial institutions across the country. We look forward to breaking ground on additional projects in the area in the new calendar year. Solar Energy Initiatives is gaining market share within the municipal markets and expects to continue this trend going forward."

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. This project will reduce hazardous carbon dioxide emissions by 365 tons annually. 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.

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. 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

Contact Information

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    Solar Energy Initiatives, Inc.
    David Fann
    Chief Executive Officer
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    Chris Camarra
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