LONDON & SAN DIEGO--(BUSINESS WIRE)--June 29, 2006--Expanding its innovative solar roof investment program, Solar Integrated Technologies, Inc. (AIM: SIT.LN), a leading provider of building integrated photovoltaic roofing systems, announced today that it has completed the installation of solar panels doubling as roofs on five additional schools in San Diego. A total of 19 schools now have solar roofs manufactured, constructed and installed by Solar Integrated since the program with GE Energy Financial Services began in April 2005.
"Through our relationship with GE Energy Financial Services, we offer qualified customers an innovative structured finance option that allows them to effectively spread the cost of our roofing solution over a 20-year period with no or minimal upfront capital expenditure," commented Jon W. Slangerup, Chief Executive Officer of Solar Integrated. "This model expands our addressable market today by allowing us to offer a value proposition to customers that have limited capital budgets or are not otherwise able to take advantage of the various solar tax incentives available."
"Solar Integrated's product and financing approach have proven to be very attractive to us," stated William Dos Santos, Director of Maintenance and Operations of San Diego City Schools. "While our pursuit was and is, reliable and predictably priced electricity produced off of the grid, we have netted a significant bonus by obtaining quality replacement roofs at zero or significantly below market cost. This has allowed us to deploy our limited funding assets into other facilities-related projects for the betterment of the classroom providing an improved environment for teaching and learning. Another benefit of producing clean solar power at school sites is the significant opportunity to educate our students in energy conservation. For these 19 sites, the Solar Integrated BIPV roofing solutions are expected to provide the lion's share of our peak power needs, and provide an effective hedge against expected increases in utility rates over the next 20 years."
The new roofs are on Challenger Junior High School, Bethune Elementary School, Hale Junior High School, Mira Mesa High School and Wilson Middle School. Solar roofs were installed earlier on the Education Center, Jackson Elementary, Juarez Elementary, King Elementary School, Lewis Junior High, Lindbergh SchweitzerEast Campus, Mason Elementary, Serra High School, Supply Center Warehouse, Instructional Media Center, Sequoia Elementary School,Whittier Elementary, Wiggins Elementary and Zamorano Elementary School.
GE Energy Financial Services has the right of first refusal on up to $500 million to fund Solar Integrated solar roofing projects, $25 million of which has been exercised to date. Additional details of the financial arrangements were not disclosed.
About GE
GE Energy Financial Services, based in Stamford, CT USA, with European operations based in London, invested $3 billion during 2005 in the world's most capital-intensive industry, energy. With more than $12 billion in assets, GE 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. Energy Financial Services has developed a strong record investing in solar, biomass, hydro, wind and geothermal power, and is growing its portfolio of $1 billion in renewable energy assets. For more information, visit www.geenergyfinancialservices.com.
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 the company's Web site at www.ge.com.
About Solar Integrated
Solar Integrated Technologies, Inc. (AIM: SIT.LN) is a Los Angeles-based company that designs, manufactures and installs building integrated photovoltaic, or BIPV, roofing systems for customers with non-residential buildings that have flat or low-slope rooftops. We believe we were the first company in North America to commercially market and sell an innovative and proprietary BIPV roofing system that combines flexible thin-film solar modules with a single-ply roofing membrane for the non-residential building market. Our BIPV roofing system enables our customers to transform a traditional rooftop into a value-generating asset. Our customers include Coca-Cola Enterprises, Frito-Lay, Honeywell, San Diego Unified School District and Wal-Mart. For more information, please visit www.solarintegrated.com.
Contacts
Solar Integrated Technologies, Inc., Los Angeles
R. Randall MacEwen or John M. Palumbo, 323-231-0411
or
Media:
Gavin Anderson & Company, London
Ken Cronin or Deborah Walter, +44.20.7554.1400
or
Solar Integrated Technologies, Inc., Los Angeles
Wanda Cutler, 213-479-3005
or
GE Energy Financial Services, Stamford
Andy Katell, 203-961-5773