The company said that SPI intends to focus on the development of large utility-scale solar parks. Under this arrangement the new company will manage a previously announced West Texas solar park project estimated to be over 300MW while pursuing other solar park projects currently under evaluation by SNRY.
SPI will target projects ranging from 10 to 500MW principally in geographic locations with federal tax incentives for renewable energy. SPI continues to pursue several solar park opportunities over 400MW with additional projects under evaluation.
David Fann, CEO of Solar Energy Initiatives, said: ”The board of SNRY after giving heed to current market conditions, timing of regulatory approvals, and the funding needs of SPI and its utility scale projects, expects a transaction to be completed in the first quarter of 2010 with an eye to unlock long term value for its shareholders.
“We believe that such a transaction when completed will allow each of SNRY and SPI separately to capitalize on their emerging respective pipelines.”
