Solar Energy Initiatives Signs Commercial Project Financing Agreement

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. workforce and focus on reducing the world’s dependence on fossil fuels by selling solar thermal and photovoltaic (PV) technologies, today announced that it has successfully negotiated financing for its previously announced $6 million commercial solar project in the Western United States.

Solar Energy Initiatives will begin installation of solar panels for this project in August, 2009. Suntech Power Holdings Co., Ltd. (NYSE:STP) will be providing approximately 3,800 solar panels that will be used for this project. The funding allows the Company to move forward with the project without increasing its operating costs or leveraging its own balance sheet. Based on the successful completion of the funding Solar Energy Initiatives now has the ability to move forward with several other projects from their strong backlog and $100 million pipeline.

“We are excited to move forward with our first commercial installation project,” stated, Greg Bakeman, President of Solar Energy Initiatives. “This funding validates our unique strategic plan of converting construction firms, and contractors into solar installers who have the ability to attract large solar projects. Our dealer network is successfully providing solar energy solutions to commercial and solar park projects and along with our funding partner we will be able to attract additional projects in the near future. Our entire management team believes this is the first of many large projects we will be completing in the near future and we look forward to a very successful and profitable 2010.”