LOS ANGELES--(BUSINESS WIRE)--April 25, 2005--Roofs that generate solar electricity are covering San Diego schools in an innovative project that Solar Integrated Technologies and GE Commercial Finance Energy Financial Services announced today. The solar panels, which double as roofs, are manufactured by Solar Integrated, a Los Angeles company listed on the London Stock Exchange AIM (SIT.LN).
The first to benefit from the arrangement is San Diego City Schools, which estimates it will save millions in roofing and energy costs over the next 20 years. A total of 14 San Diego schools expect the new solar roofing systems to be operational in the next few weeks, followed by additional installations over the next two years.
Solar Integrated Technologies was founded by two entrepreneurs with extensive backgrounds in commercial roofing. They developed the company's proprietary photovoltaic roofing systems, which not only keep the elements out of buildings but generate renewable solar electricity.
A lightweight but durable single-ply roofing membrane is embedded with flexible, photovoltaic cells and then rolled onto a building. Typical solar roof installations produce hundreds of kilowatts of power, consumed in the building or sold to a utility and fed into the electric grid.
After an initial investment of approximately $17 million for the project, GE Commercial Finance Energy Financial Services has the right of first refusal on up to $500 million to fund existing and prospective solar roofing projects as they come from Solar Integrated.
The transactions help California, which has to generate 20 percent of its electricity from renewable sources by 2017. In addition, Solar Integrated's factory benefits from its location: It's in a federal Historically Underutilized Business Zone and California Enterprise Zone in the Alameda Corridor of South Los Angeles, so it qualifies for government incentives for economically distressed communities.
"Our relationship with GE Commercial Finance Energy Financial Services is groundbreaking in the solar energy sector. It will help accelerate our global penetration of the $20 billion-plus industrial roofing market here and abroad," said Jon Slangerup, Solar Integrated's CEO. "This exciting collaboration results, in large part, from tremendous synergies between our two companies."
GE Commercial Finance Energy Financial Services sees solar and renewable energy as organic growth markets.
"Everybody wins with this transaction. Solar Integrated serves its customers better. San Diego schools get new roofs and cleaner energy. A distressed community in South Los Angeles sees more manufacturing jobs. And GE expands, serving an even wider spectrum of the energy market," said Daniel Gross, senior vice president of Renewable Energy at Energy Financial Services.
GE, drawing on its extensive process management experience, is also making available to Solar Integrated its "At the Customer, For the Customer" program, or ACFC. Through ACFC, GE shares its tools, executive talent and best practices to help clients grow.
About GE Commercial Finance Energy Financial Services
GE Commercial Finance Energy Financial Services, based in Stamford, Connecticut, invests about $3 billion annually in the world's most capital-intensive industry, energy. With more than $11 billion in assets, GE Commercial Finance Energy Financial Services offers structured equity, leveraged leasing, partnerships, project finance and broad-based commercial finance to the global energy industry from wellhead to wall socket. For more information, visit www.geenergyfinancialservices.com.
About GE Commercial Finance
GE Commercial Finance, the parent company of GE Commercial Finance Energy Financial Services, offers businesses around the globe an array of financial products and services, has assets of over $230 billion and is headquartered in Stamford, Connecticut, USA.
About GE
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.
About Solar Integrated Technologies
Solar Integrated is a global leader in the manufacture and development of "building integrated" photovoltaic systems for commercial roofing and mobile power applications enabling the production of reliable, renewable and affordable electrical power. Customers include Coca Cola Enterprises, Frito-Lay, San Diego City Schools and other municipal and blue chip companies. For more information, visit www.solarintegrated.com.
Forward-Looking Statements
This press release contains statements (such as projections regarding future performance) that are forward-looking statements as defined in the Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties.
Contacts
GE Commercial Finance, Stamford
Andy Katell, 203-961-5773
or
Solar Integrated
Los Angeles:
Jon Slangerup
or
Geza Molnar, 323-231-0411
or
London:
Ken Cronin
or
Deborah Walter, 44 (0)20 7554 1400
or
San Diego City Schools, San Diego
Erika Wilgenburg, 619-725-5602
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340