PONTE VEDRA BEACH, USA: Solar Energy Initiatives Inc., executing on its corporate mission to Renew The Nation via economic development through the sale and installation of solar thermal, photovoltaic (PV) and other solar technologies, announced that it will be spinning off Solar Park Initiatives Inc., its wholly owned solar park company.
SNRY’s shareholders of record, 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. SNRY’s shareholders as of the record date will not be required to pay for any shares distributed to them, take any action to receive the stock dividend, and will be classified as a “tax free” transaction for SNRY shareholders.
It is anticipated that Solar Park Initiatives will announce the hiring of key management, with extensive business and alternative energy backgrounds, in the next 30 days. It is believed that Solar Park Initiatives will begin trading as a public company by late 2009 or early 2010.
As a result of the spin-off, both companies are expected to benefit from sharper management focus, clearer strategic vision and greater opportunities to access and allocate capital, while concentrating on investments in their respective growth areas. The anticipated result is enhanced value for all shareholders.
Solar Park Initiatives will focus on developing large utility-scale solar parks. Under this arrangement the new company will manage a previously announced West Texas solar park project (estimated to be over 300 megawatts) while pursuing other solar park projects currently under evaluation by SNRY.
Solar Park Initiatives will target projects ranging from 10 to 500 megawatts in geographies favorable for development. SNRY will procure the solar system technologies for Solar Park Initiatives’ projects, thus enabling both companies to enjoy a symbiotic relationship while focusing on their core businesses.
David Fann, CEO of Solar Energy Initiatives, stated: “With a pipeline of $100 million in commercial/municipal solar projects, and the exceptional opportunities facing our solar park company, we felt that this was the right time for this transaction. Our Board of Directors decided to spin off the solar park company based on the opportunity to create a second successful public company that would benefit our shareholders.
“SNRY is ideally positioned to assist municipalities, located around the US, to go solar and benefit from low cost, high return solar solutions, while Solar Park Initiatives, Inc. will focus on large scale power plants, providing power to the residential sector while reducing strain on the grid. This spin off is consistent with the strategy we have been executing to position SNRY for long-term growth, while creating value for our shareholders.”
Showing posts with label Solar Energy Initiatives. Show all posts
Showing posts with label Solar Energy Initiatives. Show all posts
Thursday, October 1, 2009
Sunday, September 6, 2009
Solar Energy Initiatives announces LOI for $17 million in commercial projects
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 workforce and focus on reducing the world’s dependence on fossil fuels by selling solar thermal and photovoltaic (PV) technologies, announced letters of intent with several municipalities in various locations in the United States to install and operate approximately 4 megawatts (MW) of photovoltaic (PV) systems on government buildings.
The company anticipates that the projects will be completed by the second quarter of fiscal 2010.
The company will provide all solar equipment for the installation on the sites within the municipalities, as well as sell the newly generated solar energy to the buildings at a discounted rate compared to the previous electricity provider.
Upon completion of the agreements, Solar Energy expects to provide energy savings to the municipalities without any out of pocket costs to the municipalities. The utilization of approximately 20,000 solar panels for the 4 megawatts of projects is projected to reduce hazardous carbon dioxide emissions by 6,000 tons, annually.
"Management is pleased with the Company’s ability to attract these profitable government ventures," stated David Fann, Chief Executive Officer of Solar Energy Initiatives.
"We are encouraged with the recent influx of projects that the company is being offered, as well as, our ability to secure multiple agreements simultaneously. Solar Energy’s proven business model which offers low cost, high return energy production to municipalities is rapidly being accepted throughout the alternative energy markets. The company will continue to leverage its strategic business model and growing market presence in order to expand its geographic presence, increase earnings, and improve shareholder value.”
Solar Energy Initiatives will partner with a major funding source, installing the solar system at no "out of pocket" cost to the school district or municipality. In addition to the sale of solar panels into the projects, Solar Energy Initiatives will recognize energy sales over a 20-year period.
The company anticipates that the projects will be completed by the second quarter of fiscal 2010.
The company will provide all solar equipment for the installation on the sites within the municipalities, as well as sell the newly generated solar energy to the buildings at a discounted rate compared to the previous electricity provider.
Upon completion of the agreements, Solar Energy expects to provide energy savings to the municipalities without any out of pocket costs to the municipalities. The utilization of approximately 20,000 solar panels for the 4 megawatts of projects is projected to reduce hazardous carbon dioxide emissions by 6,000 tons, annually.
"Management is pleased with the Company’s ability to attract these profitable government ventures," stated David Fann, Chief Executive Officer of Solar Energy Initiatives.
"We are encouraged with the recent influx of projects that the company is being offered, as well as, our ability to secure multiple agreements simultaneously. Solar Energy’s proven business model which offers low cost, high return energy production to municipalities is rapidly being accepted throughout the alternative energy markets. The company will continue to leverage its strategic business model and growing market presence in order to expand its geographic presence, increase earnings, and improve shareholder value.”
Solar Energy Initiatives will partner with a major funding source, installing the solar system at no "out of pocket" cost to the school district or municipality. In addition to the sale of solar panels into the projects, Solar Energy Initiatives will recognize energy sales over a 20-year period.
Thursday, July 2, 2009
Solar Energy Initiatives in green energy alliance with RS&H and K Power
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 workforce and focus on reducing the world’s dependence on fossil fuels by selling solar thermal and photovoltaic (PV) technologies, announced that the company is a founding member of the Green Energy Alliance, a strategic affiliation with RS&H, one of the nation’s leading facilities and infrastructure consulting/engineering firms, and K Power Inc., a provider of full service solar energy solutions to commercial and industrial users.
The Green Energy Alliance will combine member areas of expertise providing turn-key solar solutions including project financing to commercial and solar park projects located in North America and the Caribbean.
RS&H and K Power are leaders in energy and power generation/construction and as a combined entity possess the ability to build commercial solar projects and solar parks that could extend to well over 100 megawatts.
The newly formed relationship will provide Solar Energy Initiatives with both new business relationships and access to capital through affiliated relationships. The companies’ parallel operational focus and business strategies provide a platform for a long lasting and mutually successful relationship.
“This alliance provides Solar Energy Initiatives with the experienced and capable relationships needed to target larger sized commercial solar projects,” stated, David Fann, Chief Executive Officer, of Solar Energy Initiatives.
“We believe that the Company now possesses all the necessary tools to target more large scale and higher margined projects much like the 18 megawatt solar park that we recently announced. It is important for our strategic business plan that we form strong partnerships with top notch power companies, funding partners and consulting firms so that we can continue the rapid market penetration we are experiencing. We look forward to signing new contracts that mirror and exceed our $80 million solar park in California.”
RS&H, founded in 1941, is a multi-disciplined facilities and infrastructure consulting firm whose client-centered program structure provides value-added solutions to clients around the world.
“We are extremely pleased to be part of the Green Energy Alliance and to be working with SNRY to assist in deploying solar solutions for large scale commercial projects,” stated, Ron Ratliff, Executive Vice President of RS&H.
“With the combined capabilities of the Alliance we expect to capture significant market share for large solar projects. Moving forward we will be targeting all sizes of commercial, industrial, institutional and solar park projects. As a combined group we now have the ability to complete projects in excess of 100 megawatts. In addition, the Alliance will work closely with a variety of governmental agencies to optimize and secure substantial grant money for the education and deployment of alternative energy.”
K Power, a wholly owned subsidiary of the Dana B. Kenyon Construction Co., is a provider of solar thermal and solar electric systems for large scale projects. K Power excels in the design, installation, service and incentive/rebate procurement of solar power.
Matt Kenyon, President of K Power, Inc., commented: “The formation of the Green Energy Alliance will allow all the partners to secure large scale solar projects. With our expertise in the design and installation of solar solutions we have the ability along with RS&H and SNRY to work with states and municipalities to deploy low cost energy solutions.”
The Green Energy Alliance will combine member areas of expertise providing turn-key solar solutions including project financing to commercial and solar park projects located in North America and the Caribbean.
RS&H and K Power are leaders in energy and power generation/construction and as a combined entity possess the ability to build commercial solar projects and solar parks that could extend to well over 100 megawatts.
The newly formed relationship will provide Solar Energy Initiatives with both new business relationships and access to capital through affiliated relationships. The companies’ parallel operational focus and business strategies provide a platform for a long lasting and mutually successful relationship.
“This alliance provides Solar Energy Initiatives with the experienced and capable relationships needed to target larger sized commercial solar projects,” stated, David Fann, Chief Executive Officer, of Solar Energy Initiatives.
“We believe that the Company now possesses all the necessary tools to target more large scale and higher margined projects much like the 18 megawatt solar park that we recently announced. It is important for our strategic business plan that we form strong partnerships with top notch power companies, funding partners and consulting firms so that we can continue the rapid market penetration we are experiencing. We look forward to signing new contracts that mirror and exceed our $80 million solar park in California.”
RS&H, founded in 1941, is a multi-disciplined facilities and infrastructure consulting firm whose client-centered program structure provides value-added solutions to clients around the world.
“We are extremely pleased to be part of the Green Energy Alliance and to be working with SNRY to assist in deploying solar solutions for large scale commercial projects,” stated, Ron Ratliff, Executive Vice President of RS&H.
“With the combined capabilities of the Alliance we expect to capture significant market share for large solar projects. Moving forward we will be targeting all sizes of commercial, industrial, institutional and solar park projects. As a combined group we now have the ability to complete projects in excess of 100 megawatts. In addition, the Alliance will work closely with a variety of governmental agencies to optimize and secure substantial grant money for the education and deployment of alternative energy.”
K Power, a wholly owned subsidiary of the Dana B. Kenyon Construction Co., is a provider of solar thermal and solar electric systems for large scale projects. K Power excels in the design, installation, service and incentive/rebate procurement of solar power.
Matt Kenyon, President of K Power, Inc., commented: “The formation of the Green Energy Alliance will allow all the partners to secure large scale solar projects. With our expertise in the design and installation of solar solutions we have the ability along with RS&H and SNRY to work with states and municipalities to deploy low cost energy solutions.”
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