Solar Energy Initiatives signs financing agreement for municipal solar 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 work force and focus on reducing the world’s dependence on fossil fuels by selling solar thermal and photovoltaic (PV) technologies, announced a financing and joint marketing agreement with a Municipal financial services company located in the Western US.

The agreement states that the financial services institution will exclusively market Solar Energy Initiatives solar solutions to over 100,000 municipalities. Additionally, the financial institution will have the ability to provide project based financing for any contract that it brings to SNRY.

SNRY receives revenues not only from the sale of the solar equipment and balance of system but also from the energy sold to the municipality, recognizing energy sales over a 20–25 year contract period.

“Solar Energy Initiatives is very pleased to have secured a prominent partner in our efforts to RENEW THE NATION and provide solar energy to municipalities throughout the United States,” stated David Fann, Chief Executive Officer of Solar Energy Initiatives.

“Being granted exclusive access to a vast amount of potential new projects represents a significant opportunity to our already strong project pipeline. Management is confident that our low cost, high return solar energy solutions coupled with the potential 100,000 additional projects will result in a significant increase of new contract awards in 2010.”

Greg Bakeman, President and Chief Financial Officer stated: “The potential to secure such a vast amount of new and profitable municipal contracts is a momentous opportunity for the company. SNRY believes that its proven ability to secure similar contracts in the past will allow us to capitalize on this potentially paradigm shifting venture. The Company looks forward to showcasing the benefits of its energy solutions and believes this agreement is a significant step towards increased revenue, expanded market presence and increased shareholder value in the near future.”