Solar Energy Initiatives has signed a letter of intent (LOI) with a Delaware charter school for the development of a US$1.2 million solar PPA project. The rooftop system is expected to use around 1,325 solar panels and generate up to 300kW of solar energy. Solar Energy Initiatives looks to begin development on the project in early 2011 and reach completion during the fall of 2011.
“This agreement is yet another example of Solar Energy's ability to expand its market presence into new geographic regions due in large part to the universal appeal our solar energy solutions offer for schools,” stated David Fann, CEO of Solar Energy Initiatives. “Management is encouraged by the significant growth opportunity that the northeast region of the United States has presented us with and we will strive to leverage the area's commitment to solar and clean energy into additional contracts. As our sales pipeline continues to grow, we will remain dedicated to following this proven business model in order to continue establishing our market presence, securing additional contracts, and increasing our revenue generation.”
Solar Energy Initiatives will develop, manage the construction, and supply all necessary solar equipment and system balance for the school project. Additionally, the company is looking to collect revenue from the sales management of the project’s produced energy.