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.