MSGI Energy announces plans for Solar One

NEW YORK, USA: MSGI Security Solutions Inc. reported that MSGI Energy, a subsidiary, will build and operate “Solar One” in Preston Connecticut.

Solar One is the first of more than ten solar farms that MSGI Energy will establish in partnership with Franklin Energy during 2010. All solar farms will produce revenue in the year that they are installed, and the cost to build out the facilities will be materially offset by stimulus money provided by the American Recovery and Reinvestment Act of 2009.

The first 10 megawatts of Solar One is projected to generate approximately $4.8 million in revenue through Power Purchase Agreements and by sending power directly into the grid. The Preston Connecticut land consists of 68 acres, which provides capacity to supply over 12,000 homes with Renewable Energy. This parcel of land is owned by Franklin Energy.

Each of the planned solar farms will be EBITDA positive in their first year of operation. Depending on the amortization schedule utilized, the solar farms will generate positive net income within the first 18 months of operation. MSGI Energy and Franklin Energy expect to break ground by June 1, 2010 and will submit the paperwork for stimulus grants to the United States Treasury by May 1, 2010. The first megawatt of power will be online within the next 120 days.