SOURCE: Solar Energy Initiatives

October 07, 2010 08:30 ET

Solar Energy Initiatives, Inc. Announces Completion of 2.5 MWs of Power Purchase Agreements (PPAs)

PONTE VEDRA BEACH, FL--(Marketwire - October 7, 2010) -  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 Information

  • 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