Solar Energy Initiatives updates plans for Solar Park Initiatives

18 December 2009

Solar Energy Initiatives has updated its plans for its wholly-owned subsidiary, Solar Park Initiatives, executing on its corporate mission to Renew the Nation via economic development through the sale and installation of solar thermal, photovoltaic (PV) and other solar technologies.

David Fann, CEO of Solar Energy Initiatives, said, ‘The board of Solar Energy Initiatives after giving heed to current market conditions, timing of regulatory approvals, and the funding needs of Solar Park Initiatives and its utility scale projects, expects a transaction to be completed in the first quarter of 2010 with an eye to unlock long term value for its shareholders.

‘We believe that such a transaction when completed will allow each of Solar Energy Initiatives and Solar Park Initiatives separately to capitalise on their emerging respective pipelines,’ Fann added.

Solar Park Initiatives intends to focus on the development of large utility-scale solar parks. The company will target projects ranging from ten to 500MW principally in geographic locations with federal tax incentives for renewable energy. The company continues to pursue several solar park opportunities over 400MW with additional projects under evaluation.

Solar Energy Initiatives recently reported $1m in revenue for the quarter ended 31 October 2009, representing a 321 per cent increase in year-over-year revenue.

Solar Energy Initiatives’ Renew the Nation campaign is intended to promote job growth nationwide, with a focus on working with companies in the construction industry and related trades affected by the economic downturn, to re-train and re-deploy the workforce into solar dealers.

To achieve the plan, the company intends to provide solar education and technical training to the private and public sectors, deploy solar systems and sell energy output, and become a developer of solar parks.

The company’s dealer network of solar energy installers has access to NASDAQ-listed Canadian Solar, NYSE-listed BP Solar, NYSE-listed GE Solar and NYSE-listed Suntech equipment via its distribution agreements.

Copyright © 2009 NewNet

Tags: solar

This story was published on Friday, December 18th, 2009 at 4:41 pm and is filed under North America, companies, solar. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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