Solar Park Initiatives will begin preliminary work, including zoning, permitting, EPA approvals and other activities immediately with construction estimated to begin in late 2010. 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 has joined the team as Chief Executive Officer of Solar Park Initiatives stated, “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. SNRY’s shareholders of record, as of October 15, 2009, shall 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.
Solar Energy Initiatives, Inc. is executing its “RENEW THE NATION” campaign, intended to promote job growth nationwide via an aggressive grass roots effort. The main focus of RENEW THE NATION will be working with companies in the construction industry and related trades affected by the economic downturn to re-train and re-deploy their workforce, allowing this important national asset to meet the needs of the Solar Energy industry, the fastest growing industry in the world. We are executing on a three-pronged approach to achieve our plan. This includes: continuing development of one of the fastest growing dealer networks in the U.S. that sells and installs solar solutions to homeowners and commercial customers; placing solar systems on large commercial buildings and selling the energy output to the owner/occupant(s); and becoming a developer of solar parks bringing together landowners, utilities and our corporate resources to build large photovoltaic installations.
The Company’s dealer network of solar energy installers has access to Suntech Power Holdings Co., Ltd., BP Solar and GE Solar equipment via its distribution agreements. While Solar Energy Initiatives is not a solar franchise, and the Company does not compete directly with industry giants such as First Solar, Kyocera or Sanyo, as a system integrator, it provides exciting and practical solutions to businesses and individuals worldwide that understand the value of solar power.