Solar Energy Initiatives, Inc., with businesses in solar project development, distribution and workforce training, announced that the Company has secured a letter of intent to complete a solar PV PPA project with a Delaware Charter School. The project is expected to generate approximately $1.2 million in revenue.
The undertaking is designed to utilize approximately 1,325 solar panels and is projected to reduce hazardous carbon dioxide emissions by 500 tons annually. The system is planned for up to 300 kilowatts (KW) of roof mounted solar panels. The Company anticipates that the project will commence in 2011, with completion scheduled during the fall of 2011.
Solar Energy Initiatives will serve as the project developer, overseeing the construction process and providing all of the solar equipment and balance of system to the commercial site. In addition to product sales and services, the Company also expects to receive revenue from the management of the sale of the newly generated solar electricity. Solar Energy plans to partner with a major funding source, as well as a recognized local solar installer, to launch the solar systems.
"This agreement is yet another example of Solar Energy's ability to expand its market presence into new geographic regions due in large part to the universal appeal our solar energy solutions offer for schools," stated Mr. David Fann, Chief Executive Officer of Solar Energy Initiatives. "Management is encouraged by the significant growth opportunity that the northeast region of the United States has presented us with and we will strive to leverage the area's commitment to solar and clean energy into additional contracts. As our sales pipeline continues to grow, we will remain dedicated to following this proven business model in order to continue establishing our market presence, securing additional contracts, and increasing our revenue generation."