SOPV NEWS: Solar Park Initiatives, Inc. Investor Update Solar Park Initiatives, Inc. Common Stock (OTCBB:SOPV) Intraday Stock Chart Today : Thursday 28 October 2010
Solar Park Initiatives, Inc. (OTCBB: SOPV), a Florida-based solar energy company dedicated to utility and commercial solar park developments in North America, will provide a recap of company milestones as follows:
On 8-30-10 Solar Park Initiatives, Inc. received approval from the Financial Industry Regulatory Authority (FINRA) to begin trading on the NASDAQ OTC under the trading symbol SOPV. Solar Park Initiatives, Inc. became a fully-reporting, publicly-traded company.
On 9-20-10 Solar Park Initiatives, Inc. announced the acquisition of Maple Leaf Renewables Group, Inc. and its developing project pipeline assets in Texas and California
On 9-27-10 the company announced that it had signed a Letter of Intent to build a solar park on 285 acres of land in California. Solar Park Initiatives will be involved in the design, construction and operation of the solar park which could generate up to $70 million in revenues, depending on completed funding and project development.
On 9-30-10 Solar Park Initiatives CEO discusses, "Grid Parity." David Surette, CEO of the company, stated, "Our current cost structure for engineering, procurement, and construction (EPC) and operations and maintenance allows us to create electricity from solar energy at grid parity pricing in certain parts of the country. Manufacturers are quickly approaching a $1 per watt manufacturing cost."
On 10-12-10 the company announced that it had signed a Letter of Intent to build up to a One Gigawatt solar park in California. The project is planned on a 5,000 acre parcel and could generate up to $3.5 Billion in revenue depending on completed funding and project development.
Mr. Surette, CEO, goes on to state, "California now has the most ambitious renewable electricity standard (RES) in the country requiring 33% of their energy from renewable sources by the year 2020. We are positioning the company to become a significant contributor to the creation of electricity from solar in California and other states where Power Purchase Agreements (PPAs) with local utilities will allow the company to create long-term revenue streams. Recently the Federal Energy Regulatory Commission (FERC) announced a decision clearing the way for multi-tiered State feed-in tariffs in the United States, Solar Park Initiatives is very optimistic about the company's ability to benefit from this FERC decision. The announcement mentions that California consumes about 300 TeraWatts (TWh) or 300 Trillion Watts per year. For more information on the FERC decision, go to: http://www.windtoday.net/articles/Report__FERC_Decision_Clears_Way_For_Multi_Tie red_
He continued, "As the push from Federal and State governments for more clean energy increases, we will be ready to move forward to seize the opportunities as they become more numerous. We are excited about the projects that we are working on, especially in California, and will continue to work towards growing our pipeline of solar park projects."
Solar Park Initiatives, Inc. Business Strategy
Solar Park Initiatives intends to develop land for large utility scale solar photovoltaic ("PV") projects. The Company will provide engineering, procurement of products and construction ("EPC") via third party suppliers including its sister company Solar Energy Initiatives, Inc. SOPV will attempt to sell the resultant electrical production to various utilities and large commercial entities through a Power Purchase Agreement ("PPA"). The Company expects to provide energy savings to commercial and municipality users without any out of pocket engineering, procurement or construction ("EPC") costs to those users of energy.
This press release contains forward-looking statements that reflect current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the control of the companies and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The companies assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the companies' expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the companies from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
Solar Park Initiatives (OTCBB: SOPV) operates in the flourishing solar energy industry which is considered to be among the fastest growing industries in the world.
SOPV expects to provide energy savings to large commercial and government municipalities by developing renewable energy through photovoltaic ("PV") and solar thermal technologies.
Now, here's just one factor that sets SOPV apart from its competitors: its business model is developed to provide energy to users without any out of pocket engineering, procurement or construction costs to those users of the energy they supply.
Currently, SOPV is trading around $0.41. Yet, the upside potential is large enough - thanks to the high demand for alternative clean energy - that a recent research report gave SOPV a price target of $1.65 with a Spec Buy.
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Solar Park Initiatives (OTCBB: SOPV) operates within a high growth industry that has been attracting savvy traders by the droves.
Although solar energy only accounts for lesss than 1% of the U.S. energy supply, its contribution is anticipated to increase substantially every year.
With such huge upside potential and high demand for clean energy, solar stocks have performed well in the near-term and attracted both short-term and long-term investors.
SOPV Completes Acquisition of Assets and Gears up for Forty Million Dollar Project
Recently, Solar Park Initiatives, Inc. closed its acquisition of Maple Leaf Renewables Group, Inc., and acquired all assets of Maple Leaf, which includes a significant pipeline of developing project assets in Texas and California. The projects range in size from 2MW up to 100 MW including development of large solar and wind energy projects over the past three years. The company is now focused on delivering high-quality, large-scale solar and wind development projects at a low cost to the marketplace.
The acquisition of Maple Leaf's assets, SOPV is geared to accelerate the process of the Company’s goal of becoming a developer of solar parks in the United States.
One of the first projects acquired was a 10 MW project in southern California, and pending permitting and project finance approvals, this could generate approximately forty million dollars in revenue within the next two to three years. Construction could begin in late 2011 on private land leased, with the installations completed by 2012 or early 2013.
The Company is now ready to develop its current pipeline for solar generation facilities starting in the 5 to 10 MW range in states where land has already been secured.
Top U.S. Government Incentives Helping Fuel More Solar Energy As of early February 2010, 182 solar projects had received Treasury grants totaling eighty one million and representing more than two hundred seventy million dollars in solar energy investment. The thirteen solar thermal and 169 solar electric projects receiving the grant are spread over thirty states.
Of the approximately seventeen billion dollars from the American Recovery and Reinvestment Act (ARRA) of 2009, over eleven million went to the Solar Energy Technologies Program.
Solar equipment manufacturers have been awarded six hundred million dollars in manufacturing tax credits under ARRA, representing investments in new and upgraded factories of more than two billion dollars.
Last year the Section 48C Advanced Energy Tax Credit program provided over two Billion dollars in funding to 183 clean energy manufacturing projects in 43 states. Qualifying recipients included manufacturers of wind, solar, electric vehicle and other renewable energy technologies.Last year the Section 48C Advanced Energy Tax Credit program provided over two Billion dollars in funding to 183 clean energy manufacturing projects in 43 states. Qualifying recipients included manufacturers of wind, solar, electric vehicle and other renewable energy technologies.