Solar Energy Initiatives, Inc. Announces $6.5 Million Project

PONTE VEDRA BEACH, Fla.--(BUSINESS WIRE)--Solar Energy Initiatives, Inc. (OTCBB:SNRY), executing on a grass roots campaign, “RENEW THE NATION”, to help redeploy a portion of the U.S. work force and focus on reducing the world’s dependence on fossil fuels by selling solar thermal and photovoltaic (PV) technologies, today announced the signing of a $6.5 million Letter of Intent to install solar panels on municipal buildings. Installation of this project, for a western United States school district, is expected to begin within the next few months.

“This agreement is proof that our focused and compelling business model presents municipalities with efficient and immediate cost saving opportunities. We are confident that additional commercial organizations will recognize Solar Energy’s low cost, high return solution and add to our now estimated $60 Million project pipeline.”

SNRY’s solar dealer will supply the solar equipment and balance of system for the project, Solar Energy Initiatives will sell the newly generated solar energy to the school district at a discounted rate compared to the current electricity provider. Solar Energy Initiatives will partner with a major funding source, installing the solar system at no “out of pocket” cost to the municipality. Solar Energy Initiatives will split the revenue of the energy sold to the school district and recognize energy sales over a 20-year period.

“We are very pleased with how quickly our Company was able to generate its first multi-million dollar commercial contract,” stated Mr. David Fann, Chief Executive Officer of Solar Energy Initiatives. “This agreement is proof that our focused and compelling business model presents municipalities with efficient and immediate cost saving opportunities. We are confident that additional commercial organizations will recognize Solar Energy’s low cost, high return solution and add to our now estimated $60 Million project pipeline.”

About Solar Energy Initiatives, Inc.

Solar Energy Initiatives, Inc. (www.SolarEnergy.com) is executing its “RENEW THE NATION” campaign, intended to promote job growth nationwide via an aggressive grass roots effort. The main focus of RENEW THE NATION will be working with companies in the construction industry and related trades affected by the economic downturn to re-train and re-deploy their workforce into solar dealers, allowing this important national asset to meet the needs of the Solar Energy industry, the fastest growing industry in the world. We are executing on a three-pronged approach to achieve our plan. This includes: continuing development of one of the fastest growing dealer networks in the U.S. that sells and installs solar solutions to homeowners and commercial customers; placing solar systems on large commercial buildings and selling the energy output to the owner/occupant(s); and becoming a developer of solar parks bringing together landowners, utilities and our corporate resources to build large photovoltaic installations.

The Company’s dealer network of solar energy installers has access to BP Solar (NYSE:BP) and GE Solar (NYSE:GE) equipment via its distribution agreements. While Solar Energy Initiatives is not a solar franchise, and the Company does not compete directly with industry giants such as First Solar (NASDAQ:FSLR), Kyocera (NYSE:KYO), Sanyo (OTC:SANYY) or Suntech (NYSE:STP), as a system integrator, it provides exciting and practical solutions to businesses and individuals worldwide that understand the value of solar power.