Solar Energy Initiatives, Inc., with businesses in solar project development, distribution and workforce training, announced it has signed three Power Purchase Agreements (PPAs) with the Tennessee Valley Authority (TVA) to build 2.5 MWs of projects with municipal and institutional clients. Under the completed agreements, TVA has agreed to purchase all of the power the systems produce, as well as the associated environmental benefits. Solar Energy Initiatives, Inc. will lead the project development effort, including system design, installation and operation of the proposed 2.5 megawatts (MW) of photovoltaic (PV) systems on the sites. The Company anticipates that the projects will break ground in the first quarter of 2011, with completion scheduled sometime in the summer of 2011. The projects are expected to generate approximately $10,000,000 in revenue.
"This announcement marks yet another success for the project development team at SNRY," stated Mr. David Fann, Chief Executive Officer of Solar Energy Initiatives. "Our ability to quickly secure these opportunities is the result of diligent preparation on the part of our management team. Our sales pipeline continues to grow and we are poised to execute on these opportunities for the benefit of our shareholders."
Solar Energy Initiatives will serve as the developer of the project and will provide all of the solar equipment and balance of system to the commercial site. In addition to product sales and services, the Company will also receive revenue from the management of the sale of the newly generated solar electricity. SNRY plans to partner with a major funding source, as well as a recognized local solar installer, to launch the solar systems. The project is designed to utilize approximately 10,625 solar panels totaling 2.5 megawatts of installed capacity and is projected to reduce hazardous carbon dioxide emissions by 4,000 tons annually.