Solar Energy Initiatives, Inc. announced this morning before the opening bell that the company’s wholly owned subsidiary, Solar Park Initiatives, signed a contract to secure land for the design, construction and operation of a solar park in California. Solar Park Initiatives will be responsible for providing engineering, permitting, construction, operations and maintenance as well as obtaining the financing of the solar park, while Solar Energy Initiatives will procure the solar panels and balance of system for the project.
According to the press release, Solar Park Initiatives will begin preliminary work, including zoning, permitting, EPA approvals and other activities, immediately with construction expected to begin late next year. The contract possesses a 25 year life with additional renewal options. The 100 megawatt project will be constructed in various increments over a three year time frame.
“This endeavor represents strong validation that Solar Energy Initiatives and Solar Park Initiatives’ synergistic relationship is extremely capable of securing large scale contracts and expanding market presence,” stated, David Fann, Chief Executive Officer of Solar Energy Initiatives. “We believe that as Solar Energy Initiatives and Solar Park Initiatives continue to grow as market leaders and establish credibility with municipalities and landowners that both companies will secure additional contracts, increase our earnings and achieve our primary goal of improved shareholder value. Combined with our previously announced solar park in Western Texas we now have a combined 400 megawatts worth of projects that will begin in the next eighteen months.”
Mr. Michael Gorton, Chief Executive Officer of Solar Park Initiatives, commented, “We are pleased with the success we are having in gaining traction with the assistance of SNRY management team. Our priority is to review and attain additional solar park projects as we continue to gain traction as a leading developer of large scale solar parks. We look forward to implementing this large revenue contract and have several others we will be announcing in the near future.”
Solar Park Initiatives is a recent spin-off of Solar Energy Initiatives. Investors that hold SNRY shares, as of October 15, 2009, will receive one common share of Solar Park Initiatives, Inc. for every two common shares of SNRY owned. The transaction is cash and tax free for all SNRY shareholders.
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