Solar Integrated annunces four new San Diego School PV projects for 550 kW
Total Revenue Year to Date Approaches $30 Million
London, UK, and Los Angeles, California, July 27, 2007
Source: Solar Integrated Technologies, Inc. / press release
http://www.solarintegrated.com/SIT_PR_UPCSolar_SDUSD.htm
Solar Integrated Technologies, Inc. (AIM:SIT.LN), a leading provider of building integrated photovoltaic (BIPV) roofing systems, announced today that it has closed four new San Diego Unified School District solar power projects with UPC Solar, a developer of solar energy projects in the United States. Solar Integrated supplied and installed a total of 550 kW of BIPV roofing systems at Ericson Elementary School, Standley Middle School, Tierrasanta Elementary School and Walker Elementary School.
Owned and operated by UPC Solar under a long-term power purchase agreement (PPA), the four solar systems are expected to reduce annual carbon dioxide (CO2) emissions by 514,259 pounds, Nitrogen Oxides (NOx) emissions by 360 pounds, and Sulfur Dioxide (SO2) emissions by 46 pounds.
“With these four San Diego school projects and our recently announced two Coke projects, we have now closed over 1 MW of business with UPC Solar since we announced our preferred supply and cooperation agreement three months ago,” stated R. Randall MacEwen, President & CEO of Solar Integrated.
John M. Palumbo, Chief Financial Officer of Solar Integrated, stated: “With these four projects closed, our year to date revenue through the end of July is approaching $30 million. As previously communicated, and consistent with prior periods, we expect to book a higher level of revenue and gross profit in the second half of the year. Given where we are today, we are confident to confirm our prior 2007 revenue guidance in the range of $60 million to $80 million and 2007 full year consolidated gross margin guidance in excess of 15%.”
This transaction was approved by Solar Integrated’s board of directors, excluding Mr. Caffyn, Nicholas A. Wrigley and Frederik W. Mowinckel who did not participate in the relevant board discussions and did not vote on the relevant board resolution given their relationship with UPC, including as nominees of UPC to the Company’s board of directors. The independent directors consider, having consulted with KBC Peel Hunt, that the terms of this transaction are fair and reasonable in so far as shareholders are concerned. Any future commercial arrangements between Solar Integrated and UPC Solar will be similarly approved, and will constitute related party transactions within the meaning of the AIM rules.