Solar Park Initiatives (SPI), wholly owned subsidiary of Solar Energy Initiatives (SEI), has signed a contract securing land for the design, construction and operation of a 100MW solar park in California. SPI will be responsible for providing engineering, permitting, construction, operations and maintenance as well as obtaining the financing for this solar park while SEI will procure the solar panels and balance of system for the project.
SPI will have initial involvement in this project, zoning, permitting and making EPA approvals. The contract for the project will run for 25 years with additional renewal options; construction is expected in 2010, yet the project will be constructed in various increments over a three-year time frame.
“This endeavor represents strong validation that Solar Energy Initiatives and Solar Park Initiatives’ synergistic relationship is extremely capable of securing large scale contracts and expanding market presence,” stated, David Fann, CEO of Solar Energy Initiatives. “We believe that as Solar Energy Initiatives and Solar Park Initiatives continue to grow as market leaders and establish credibility with municipalities and landowners that both companies will secure additional contracts, increase our earnings and achieve our primary goal of improved shareholder value. Combined with our previously announced solar park in Western Texas we now have a combined 400 megawatts worth of projects that will begin in the next eighteen months.”
Michael Gorton, who recently joined the team as CEO of Solar Park Initiatives stated, “We are pleased with the success we are having in gaining traction with the assistance of SNRY management team. Our priority is to review and attain additional solar park projects as we continue to gain traction as a leading developer of large-scale solar parks. We look forward to implementing this large revenue contract and have several others we will be announcing in the near future.”