Solar Energy Initiatives, Inc. announced today that it has signed a Letter of Intent (LOI) with a private developer to begin a $4 million turn-key solar project in Georgia. Per the agreement, Solar Energy will lead the project development effort including system design, installation, and operation of the proposed 1 megawatt (MW) of photovoltaic (PV) systems on site. The complete system will require approximately 4,500 solar panels and will reduce carbon dioxide emissions by 1,500 tons per year. Tentative dates set for the project are to break ground in the fourth quarter of this year with targeted completion being set for the summer of 2011.
Solar Energy will be the developer of the project as well as provider of all of the solar equipment. Additionally, Solar Energy will generate revenues for the next 10 years from the management of the sale of the newly generated solar electricity and solar renewable energy credits (SRECS) to the local utility.
David Fann, Chief Executive Officer of Solar Energy Initiatives, commented, “This announcement marks yet another success for the project development team at SNRY,” stated Mr. Fann continued, “Our ability to quickly secure these opportunities is the result of diligent preparation on the part of our management team. The market is moving quickly and we are poised to react favorably for the benefit of our shareholders.”
This LOI announcement comes on the heels of a June 28th press release where Solar Energy announced it had signed a letter of intent with a School District in Pennsylvania to install and operate approximately 4 megawatts (MW) of photovoltaic (PV) systems on government buildings. This project is slated to break ground in the fall of 2010 and be completed sometime in the spring of 2011 with an estimate value at $16 million. The project will utilize approximately 17,000 solar panels totaling 4 megawatts of installed capacity and is projected to reduce hazardous carbon dioxide emissions by 6,000 tons per year. For this project, Solar Energy will recognize energy sales over a 20-year period from the project ownership and the sale of Solar Alternative Energy Credits through a State program supported by the Pennsylvania Public Utilities Commission.
More information about Solar Energy Initiatives, their current and upcoming projects and the investment opportunity the company presents can be found at www.solarenergy.com.