Solar Energy Initiatives Inc., executing on a grass roots campaign,“RENEW THE NATION”, to help redeploy a portion of the US work force andfocus on reducing the world’s dependence on fossil fuels by sellingsolar thermal and photovoltaic (PV) technologies, announced that theCompany’s wholly owned subsidiary, Solar Park Initiatives, signed acontract securing land for the design, construction and operation of asolar park in California.
Solar Park Initiatives will beresponsible for providing engineering, permitting, construction,operations and maintenance as well as obtaining the financing of thesolar park. Solar Energy Initiatives will procure the solar panels andbalance of system for the project.
Solar Park Initiatives willbegin preliminary work, including zoning, permitting, EPA approvals andother activities immediately with construction estimated to begin inlate 2010. The contract possesses a 25 year life with additionalrenewal options. The 100 megawatt project will be constructed invarious increments over a three year time frame.
“This endeavorrepresents strong validation that Solar Energy Initiatives and SolarPark Initiatives’ synergistic relationship is extremely capable ofsecuring large scale contracts and expanding market presence,” stated,David Fann, Chief Executive Officer of Solar Energy Initiatives.
“Webelieve that as Solar Energy Initiatives and Solar Park Initiativescontinue to grow as market leaders and establish credibility withmunicipalities and landowners that both companies will secureadditional contracts, increase our earnings and achieve our primarygoal of improved shareholder value. Combined with our previouslyannounced solar park in Western Texas we now have a combined 400megawatts worth of projects that will begin in the next eighteenmonths.”
Michael Gorton has joined the team as Chief ExecutiveOfficer of Solar Park Initiatives stated, “We are pleased with thesuccess we are having in gaining traction with the assistance of SNRYmanagement team. Our priority is to review and attain additional solarpark projects as we continue to gain traction as a leading developer oflarge scale solar parks. We look forward to implementing this largerevenue contract and have several others we will be announcing in thenear future..”
Solar Park Initiatives is a recent spin-off ofSolar Energy Initiatives. SNRY’s shareholders of record, as of October15, 2009, shall receive one common share of Solar Park Initiatives,Inc. for every two common shares of SNRY owned. The transaction is cashand tax free for all SNRY shareholders.