Solar Energy Initiatives, Inc. announced earlier today that it has signed a Letter of Intent to assume a $1.7 million turn-key solar project and contract to supply the Gainesville Regional Utilities with solar electricity. With installation of this project expected to begin immediately, the company anticipates completing the project by the end of next month.

As the project developer for the solar project, Solar Energy Initiatives will supply the solar equipment and balance of system. In addition to the sale of solar equipment and balance of supplies, the company will also generate revenue via the sale of the newly generated solar energy to the municipality under its Feed-In-Tariff program, over a 20-year contract period. According to the press release, Solar Energy Initiatives will partner with a major funding source and a solar installation company to install the solar system at no “out of pocket” expense to the municipality.

“This most recent contract award is proof that our model, of providing cost effective energy solutions that allow for long term savings, is a highly desired service offering to the municipal market,” commented Mr. David Fann, Chief Executive Officer of Solar Energy Initiatives. “Our ability to provide a complete solution including financing gives us the competitive edge needed to complete these projects. Our entire management team is focused on converting additional projects from our $100 million pipeline to maximize both revenue and bottom-line earnings. Management is focused on leveraging our finished projects to increase awareness for municipal energy projects located around North America.”