Ponte Vedra Beach, Fla., June 24, 2009 – Solar Energy Initiatives, Inc. signed a contract securing land for the design, construction and operation of a solar park in Southern California. The project could generate over $80 million in revenue within a 5-year time period.
Construction of up to an 18 MW system represents the company’s first contract in the solar park market. Preliminary work, including zoning, permitting, EPA and other activities, is expected to begin immediately.
At full capacity, the solar park could generate enough green renewable energy to displace over 55,600 metric tons of carbon emissions, annually, that would have otherwise been produced by non-renewable power generation. The project could produce enough energy to provide power to more than 3,000 homes.
JJR Power LLC, a partner in the project, has assembled a syndicate of financing sources for funding the installation and permanent capital requirements for this project. SNRY is expected to provide in excess of $100 million of additional financing opportunities to JJR from their development pipeline through year-end 2010.