Solar Energy Initiatives, Inc. (SNRY),executing on its corporate mission to “Renew The Nation” via economicdevelopment through the sale and installation of solar thermal,photovoltaic and other solar technologies, announced an update of plansfor its wholly owned subsidiary, Solar Park Initiatives, Inc. (SPI).
Ponte Vedra Beach, Florida-based SNRY (OTC:SNRY)was formed to execute on a grass roots campaign, “Renew The Nation,” tohelp redeploy a portion of the U.S. work force and focus on reducingthe world’s dependence on fossil fuels by selling solar thermal andphotovoltaic technologies, while building a profitable company.
According to the company’s CEO David Fann, the board of SNRY, aftergiving heed to current market conditions, the timing of regulatoryapprovals, and the funding needs of SPI and its utility scale projects,expects a transaction to be completed in the first quarter of 2010 withan eye to unlock long term value for its shareholders.
“We believe that such a transaction when completed will allow eachof SNRY and SPI separately to capitalize on their emerging respectivepipelines,” Fann said. “SPI intends to focus on the development oflarge utility-scale solar parks.”
Fann added that SPI will target projects ranging from 10 to 500megawatts principally in geographic locations with federal taxincentives for renewable energy. SPI continues to pursue several solarpark opportunities over 400 megawatts with additional projects underevaluation.
The main focus of Renew The Nation will be working with companies inthe construction industry and related trades affected by the economicdownturn to re-train and re-deploy their workforce into solar dealers,allowing this important national asset to meet the needs of the solarenergy industry, the fastest growing industry in the world.
“We are executing on a multi-pronged approach to achieve our plan,”Fann said. “This includes continuing development of one of the fastestgrowing dealer networks in the U.S. that sells and installs solarsolutions to homeowners and commercial customers; solar education andtechnical training to the private and public sectors, placing solarsystems on large commercial buildings and selling the energy output tothe owner/occupant(s) through Solar Power Purchase Agreements (PPAs);and becoming a developer of solar parks bringing together landowners,utilities and our corporate resources to build large photovoltaicinstallations. “
The Company’s dealer network of solar energy installers has access to Canadian Solar (Nasdaq:CSIQ), BP Solar (NYSE:BP), GE Solar (NYSE:GE) and Suntech (NYSE:STP)equipment via its distribution agreements. While Solar EnergyInitiatives is not a solar franchise, and the company does not competedirectly with industry giants such as First Solar, Kyocera, or Sanyo,it provides practical solutions to businesses and individuals worldwidethat understand the value of solar power.
Solar Energy, Inc. was originally founded in 2001 as a manufacturerand distributor of solar energy equipment. In 2004, the firm foundedits solar energy dealership program to train and support solarcontractors with a 30-plus year knowledge base in solar design,manufacturing and installations. In 2008, the assets of Solar Energy,Inc. were acquired by Solar Energy Initiatives, Inc., a publicly tradedcompany. Since then, Solar Energy, Inc. has rapidly expanded itsdealership network bringing many newly trained solar contractors to thegrowing marketplace with a focus on providing wholesale solar equipmentto its network of dealers who perform installations. Fordo-it-yourselfers and hobbyists, the company offers an extensiveselection of solar equipment and systems via its online shopping cart.