Business & Finance
Business and Finance
Business and Finance
Wed, February 25, 2009
Tue, February 24, 2009 Solargy Systems Inc: Solargy Systems Announces 2nd Solar Farm Project in Florida
FT. LAUDERDALE, FL--(Marketwire - February 24, 2009) - Solargy Systems Inc. (
Solargy Systems Inc. is pleased to announce that they have received a signed letter of intent from Barron Properties to develop and install a solar farm utility site for the production of electricity via Solargy's branded solar panels. The site will be located in Wellington and the energy produced shall be sold pursuant to a power purchase agreement to Florida Power and Light for the term of no less than twenty years. The solar farm will consist of approximately 14,000 solar panels on the property and the interconnection of the solar units to the FP&L grid. The signed letter of intent for the solar panel installation is for $15,000,000.This project is in addition to a previously announced solar farm project in Chiefland, Florida.
"We are excited to move forward with our business plan and to expand our operations here in the United States. With the search for alternative energy sources and implementation of green technology in such high demand, we are pleased to begin showing Solargy's technology and cost saving benefits," stated C.E.O. (MD) Carl Nurse.
"Since we have refocused on the alternative energy industry, we have been aggressively pursuing contracts for projects whilst simultaneously looking for factory space to manufacture panels and the capital to start manufacturing. We have identified a building here in Miami and we have also identified a funding source who is interested in participating in the $100,000,000 manufacturing operation, subject to certain conditions," Mr. Nurse stated.
Mr. Nurse also added, "We are working on funding for our plant. We have also cleared some final issues with our proposed waste to energy facility and we expect executed documents and a bank guarantee very shortly. In the coming weeks we will release details of each project as we get executed documents. These projects have a total value of $180,000,000. As soon as we get a commitment from a lender for the funding for the manufacturing plant we will publish the details, but we have expressions of interest from a few entities and we are working to meet the conditions imposed."
Solargy Systems Inc. is a systems integrator of alternative energy technologies. Solargy Systems Inc. also is actively seeking power purchase agreements (PPA) and expects to secure PPAs in the months ahead. The technologies used will provide solutions to the high cost of energy in emerging markets by selling and installing small power systems ranging from 1 MW for large commercial applications to 20 MW and larger hybrid systems by using combinations of solar and wind or waste and solar. The combinations used will be determined by local conditions.
This press release contains "forward-looking" statements as that term is defined by Section 27A of the Securities Act of 1933, as amended, (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). All statements that are included in this press release other than statements of historical fact are "forward-looking" statements. Although Solargy Systems Inc believes that the expectations reflecting in these forward-looking statements are reasonable, it can give no assurance that such expectations will materialize. Important factors could cause actual results to differ materially from the expectations as disclosed herein, including without limitation, in conjunction with these forward-looking statements contained in this press release.
