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Solar Energy Initiatives (SNRY.OB) Spin-off Signs Letter of Intent to Build 20MW Solar Park in California

Solar Park Initiatives, Inc. (SOPV.OB; “SPI”), which has only been an OTCBB listed company for less than a month, announced today that it has signed a Letter of Intent (LOI) to build a solar energy park in California. Through a Purchase Power Agreement with a local utility company, the host landowner has secured 285 acres of land for the design, construction and operation of the new 20 MegaWatt park. Up to $70 million is expected to be generated in revenues from the project.

Solar Park Initiative’s CEO, David Surette, commented, “Solar Park Initiatives continues to search for good opportunities in the solar sector and develop land for its optimal use and value. This is one opportunity we anticipate completing, keeping investors abreast of our milestones.”

In other recent news for SPI, on September 16th, the Company signed a letter of intent to acquire the assets of Maple Leaf Renewables Group. The acquisition is currently in progress and is anticipated to be completed in the middle of October.

Regarding the acquisition, Mr. Surette stated, “We are always interested in acquiring assets to strengthen the position of our company. This acquisition will bring into Solar Park Initiatives a significant list of developing project pipeline assets previously being developed by Maple Leaf Renewables, including their relationships and contacts throughout the renewables community. The sites for future installation of solar arrays include the states of Texas and California. There are multiple projects ranging in size from 2Mw up to 100Mw. Additional development work is needed to bring these sites into production and we expect to see ground breaking as early as the fall of 2011. Our ability to quickly seize these types of opportunities is the result of diligent preparation on the part of our management team. The market is moving quickly and we are poised to react for the benefit of our shareholders.”

SPI is a recent spin-off company from Solar Energy Initiatives, Inc. (OTCPK:SNRY). SPI received approval from the Financial Industry Regulatory Authority (FINRA) to begin trading on the OTCBB market under the ticker SOPV less than a month ago, as detailed in a press release from the company on August 30th. The Florida-based solar energy company is a separate, fully-reporting, publicly-traded company which intends to focus its energies on developing land for large utility scale solar photovoltaic (“PV”) projects. SPI will supply, through itself and third parties, including, sister company, Solar Energy Initiatives, all engineering, products and construction for the projects and then attempt to sell the resultant electrical products to utility and commercial companies through Purchase Power Agreements.

More information on Solar Park Initiatives and its new business strategies can be found on the Company’s website at solarparkinitiatives.com.

More information on Solar Energy Initiatives can be found at solarenergyinitiatives.com.
 
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