With its eye on a nationwide move towards the adoption of solar power generation, Solar Energy Initiatives, Inc. has signed a $6.5 million Letter of Intent for the installation of solar panels on school buildings in western U.S. The panels, the size, capacity and manufacturer of which were not disclosed, are expected to be installed within the next few months.
Solar Energy Initiatives’ unnamed equipment supplier will initiate the system, while funding for the project will come from investors. The company will sell the generated solar energy to the school district at a discounted rate.
“We are very pleased with how quickly our Company was able to generate its first multi-million dollar commercial contract,” said David Fann, Chief Executive Officer of Solar Energy Initiatives. “This agreement is proof that our focused and compelling business model presents municipalities with efficient and immediate cost saving opportunities. We are confident that additional commercial organizations will recognize Solar Energy’s low cost, high return solution and add to our now estimated $60 Million project pipeline.”