Solar Energy Initiatives, Inc. announced that the company has completed the necessary funding to facilitate the first phase of a 1 Megawatt (MW) installation of photovoltaic (PV) system for a southeast municipality. The current funding for 1/2 Mw will allow the first phase of the project to be finalized within 120 days and generate $2 million of revenue. The funds to build the project are coming from ITC grants, a USDA grant, and a local bank.
"The Company's ability to secure funding for this profitable commercial project validates our model of obtaining municipal contracts and partnering with both local and major funding sources to complete the installations," stated David Fann, CEO of Solar Energy Initiatives. "Management believes that our alternative energy solutions provide an attractive investment opportunity to municipalities and financial institutions across the country. We look forward to breaking ground on additional projects in the area in the new calendar year. Solar Energy Initiatives is gaining market share within the municipal markets and expects to continue this trend going forward."
SNRY Power, a wholly owned subsidiary of Solar Energy Initiatives, will provide energy cost savings to the school district through a newly implemented solar energy solution. This project will reduce hazardous carbon dioxide emissions by 365 tons annually. Under a Power Purchase Agreement ("PPA"), SNRY Power will supply the solar equipment and balance of system for the school district project and will receive revenue through the sale of the solar energy to the school district over a 20-year contract period.