PONTE VEDRA BEACH, USA: Solar Energy Initiatives Inc., executing on a grass roots campaign, “RENEW THE NATION”, to help redeploy a portion of the US work force and focus on reducing the world’s dependence on fossil fuels by selling solar thermal and PV technologies, announced the signing of 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.
Installation of this project is expected to begin immediately with completion scheduled for January, 2010.
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.
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,” stated 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.”