Photovoltaic system developer Solar Energy Initiatives has taken the first steps towards the construction of a new 18MW solar park for the Southern California region with the signing of a contract for the plant’s design, construction and operation. The company claims that the new deal could generate over $80 million in revenue within a five-year timespan.
Zoning, acquisition of permit, and EPA approval are expected to begin immediately. The deal is part of Solar Energy Initiatives’ ‘Renew the Nation’ grass roots campaign, which aims to promote job growth in regional areas while also reducing the world’s dependence on fossil fuels.
JJR Power, one of the project’s partners, has sourced financing for the installation and capital requirements, with Solar Energy Initiatives pledging to provide in excess of $100 million of additional financing opportunities to JJR through year-end 2010.
“The growing demand for solar parks are proof that the federal government is dedicated to working alongside trusted industry partners to embrace cleaner and more affordable green technology,” said David Fann, CEO of Solar Energy Initiatives. “Management is extremely pleased with the direction the Company is headed and this approximately $80 million project is proof that our strategic business plan is not only working but allowing us to rapidly increase our market share in the fast growing solar sector. We believe that our disciplined focus of our business model will allow us to secure additional contracts, increase market presence and achieve our overall goal of improved shareholder value.”
