Solar Energy Initiatives, Inc. is a developer of solar photovoltaic installations. The Company provides these services through their wholly owned subsidiary, SNRY Power. SNRY is a developer and manager of municipal and commercial scale solar projects. Solar Energy Initiatives, Inc. is based in Ponte Vedra Beach, Florida.
The Company has a five-step vetting process for potential installations. Each one begins with a Project Evaluation and Assessment. If the assessment has good marks, the Company then proceeds into the site and financial review stage. Upon completion of that stage, they then proceed to a Letter of Intent (LOI) for the project. The LOI triggers the drafting of the Power Purchase Agreement (PPA). Once signed, the completed PPA triggers the permitting and construction phase.
A Power Purchase Agreement (PPA) is a financial contract among three parties. These parties are a host entity, the purchaser of the power, and an investor. The host provides the land or building on which the energy generating system is located/constructed. The purchaser of the power agrees to purchase the power generated by the system according to the terms and conditions of the agreement.
In some cases, the host and purchaser of the power can be the same entity. The investor provides the funding for the construction of the energy generating system. The investor is responsible for the operation and maintenance of the system. The rights and responsibilities of each party are set forth in the Power Purchase Agreement (PPA).
Solar Energy Initiatives, Inc. has their 999 kW system in Martins Creek Middle School, Murphy, North Carolina. SNRY Power had the opening ceremony on March 15, 2010. Actual construction began April 1, 2010. The solar project completed in 2010. The system will save the school $1.2 million dollars over 20 years. The solar system produces 5 times more electricity than the school currently uses.
In early February 2011, Solar Energy Initiatives, Inc. announced that the Company arranged to receive a developer fee plus reimbursement of project expenses on a 1MWsolar PPA project with ESA Renewables LLC. ESA provided the solar panels and other equipment to the project. Solar Energy Initiatives served as the project developer. This included the project design, permitting, overseeing the construction process, and arranging for the delivery of some of the solar equipment and balance of system.