Press Release: Lite Solar, Inc. – 01/12/12
LONG BEACH, Calif.--(BUSINESS WIRE)-- Lite Solar, Inc., one of the country’s fastest growing renewable energy installers, today announced that its ‘Life Boat Program’ has closed a strategic alliance with Aztec Solar that involves $50 million dollars in commercial installations on the East Coast. Lite Solar’s ’Life Boat Program’ is aimed at assisting other solar installers in safe harboring and completing solar projects threatened by the expiration of solar grants provided under Section 1603 of The American Recovery and Reinvestment Act.
“The Lite Solar teams continue to work with progressive solar installers, such as Aztec, who recognize that the end of the 1603 program will drastically change the landscape for solar projects in 2012. Our mission is to join with these developers to safe harbor as many solar projects as we can,” said R Sahni, CEO of Lite Solar. “We are in a unique position as a result of our ancillary businesses and cash flow to install a billion dollars of solar over the next 10 months.”
“In addition,” said Sahni, “Lite Solar’s proprietary system design and construction procedures provide for unobtrusive, low cost installation and, in most cases, additional value beyond just energy to our clients. We provide energy backup systems, covered parking and the satisfaction of being part of the clean energy revolution. Our Solar Power Purchase Agreements (PPAs) allow customers to substantially reduce their energy costs with no capital cost to them. We design, install and maintain the system over the period of the agreement--totally transparent to the client.”
Ollie McKinney, head of program management, said “Our experience in affordable housing construction and operation enabled us to push for low-cost installation, secure and stable operation with super efficiency. Clients want to lower their cost, but also want to be able to just flick a switch and have the machines and lights come on as usual. I’m excited about our leading edge technology, and also the fact that we include an energy backup system in our approach. We added the backup system as we became concerned that many businesses are not preparing for natural disasters. Also, the round of solar flares expected in 2012 very well may cause widespread outages and major disruption of our nation’s entire electrical grid.”
Sahni continued, “Our Company has been in real estate and energy development for over forty years. Solar was the solution to our rapidly rising energy costs and environmental concerns. I am proud to be associated with our efforts and pleased with the response of the business community to our ideas. The associations we have developed through our ‘Life Boat Program’ add to our delivery platform in a very synergistic way.”
ABOUT LITE SOLAR… Lite Solar, the wholly owned subsidiary of a 40-year old real estate/energy company, is a fully licensed solar installer. Its staff includes: certified solar practitioners, engineers, designers and experienced construction and finance personnel. As a result, it provides design, installation and on-going system operation and maintenance services. An affiliate of Lite Solar, also, funds non-solar energy projects utilizing emerging renewable energy technologies, such as Biomass and Fuel Cells.
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