Yesterday, Solar Energy Initiatives, Inc. announced that it has signed three Power Purchase Agreements with the Tennessee Valley Authority to construct 2.5 megawatts of photovoltaic projects. TVA has, under the agreement, promised to purchase all the power the completed systems produce. TVA will also obtain the associated environmental benefits of the green project.
Solar Energy Initiatives will lead the development of the project, including designing the systems, installing and operating them. Solar Energy predicts that the projects will break ground in the first quarter of 2011, to be completed in the summer of the same year. These projects are expected to generate $10M in revenue.
Solar Energy Initiatives will be providing all of the solar equipment and systems to the commercial sites. In addition to revenue from the sales of said equipment, Solar Energy will also derive revenue from the sale of the electricity generated with it. Solar Energy plans to partner with a major funding source and local solar installers to complete and launch the systems.
The 2.5 MW of energy will be generated with approximately 10,625 solar panels, and is expected to reduce carbon dioxide emissions by four thousand tons annually.
“This announcement marks yet another success for the project development team at SNRY,” said Mr. David Fann, Chief Executive Officer of Solar Energy Initiatives. “Our ability to quickly secure these opportunities is the result of diligent preparation on the part of our management team. Our sales pipeline continues to grow and we are poised to execute on these opportunities for the benefit of our shareholders.”
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