SOURCE: Solar Park Initiatives, Inc.

Solar Park Initiatives, Inc.

October 12, 2010 08:00 ET

Solar Park Initiatives, Inc. Signs Letter of Intent to Build up to a 1 GigaWatt Solar Park in California

PONTE VEDRA BEACH, FL--(Marketwire - October 12, 2010) -  Solar Park Initiatives, Inc. (OTCBB: SOPV), a Florida-based solar energy company dedicated to utility and commercial solar park developments in North America, announced that it has signed a Letter of Intent to develop a 1GW solar park in California.

Solar Park Initiatives, Inc. has signed a Letter of Intent to develop approximately 5,000 acres of land for the design, construction and operation of up to a 1GW solar park in California. It is anticipated that the project will generate up to $3.5 Billion in revenue if fully completed. SOPV will partner with a California developer to complete the project which is subject to permitting and financing approvals.

David Surette, CEO of Solar Park Initiatives, stated, "Solar Park Initiatives continues to search for good opportunities in the solar sector and develop host sites and relationships for its optimal use and value. This is a great opportunity for our company and we will keep investors informed of our progress on this very sizable project."

Solar Park Initiatives, Inc. Business Strategy

Solar Park Initiatives intends to develop land for large utility scale solar photovoltaic ("PV") projects. The Company will provide engineering, procurement of products and construction ("EPC") via third party suppliers including its sister company Solar Energy Initiatives, Inc. SOPV will attempt to sell the resultant electrical production to various utilities and large commercial entities through a Power Purchase Agreement ("PPA"). The Company expects to provide energy savings to commercial and municipality users without any out of pocket engineering, procurement or construction ("EPC") costs to those users of energy.

Forward-Looking Statements

This press release contains forward-looking statements that reflect current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the control of the companies and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The companies assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the companies' expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the companies from time to time with the United States Securities and Exchange Commission and other regulatory authorities.

Contact Information