The company expects that the projects will break ground in the Winter of 2010 with completion scheduled sometime in the Summer of 2011.
The company will serve as the developer of the project and will provide all of the solar equipment and balance of system to the commercial site. Apart from product sales and services, the company will also receive revenue from the management of the sale of the newly generated solar electricity and solar renewable energy credits (SRECS) to the local utility, over a 10-year contract period.
SNRY plans to partner with a major funding source, as well as a recognized local solar installer, to launch the solar system. The project is designed to utilize approximately 4,250 solar panels totaling 1MW of installed capacity and is projected to reduce hazardous carbon dioxide emissions by 1500 tons, annually.
David Fann, CEO of Solar Energy Initiatives, said: “This announcement marks yet another success for the project development team at SNRY. Our ability to quickly secure these opportunities is the result of diligent preparation on the part of our management team.”
