Oct 12 2010
Solar Energy Initiatives Inc, a solar project development and distribution company, declared that it has contracted three Power Purchase Agreements (PPA) with the federally owned Tennessee Valley Authority (TVA).
The agreement is reached for constructing 2.5 MWs worth of solar power projects for the use of clients from the municipality and other institutions.
In accordance with the signed accord TVA will buy all the power produced from the installed power systems and the other environmental benefits associated with production. Solar Energy Initiatives will take a lead role in the development of system design, setting up of the required equipments and supervising the functions of the 2.5 MW PV systems at the proposed locations. The project will incorporate around 10,625 solar panels to produce a maximum power of 2.5 MW and reduce CO2 emissions to the value of 4,000 tons every year. The company is planning to associate with a major financing company and a local solar installer to complete the project. The company is expected to commence the construction of the project during the initial months of 2011 and complete it during the summer of 2011. The project is anticipated to create a total revenue of $10,000,000 to the company which includes the sale of the power produced by the system.
David Fann, the company’s Chief Executive Officer called the announcement as an achievement of its project development team. He praised the management for securing such opportunities with meticulous preparations which helps the growth of its sales pipe line. He added that completion of such developments profits the share holders of the company.