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SonnenEnergy Announces Agreement to Build up to CAD $200 Million in Solar Park Projects for ASG Solar Power Income Fund Limited Partnership
TORONTO, Nov. 24 /CNW/ - SonnenEnergy Corp. ("SonnenEnergy" or "the Company") (TSX-V: PWR), a lea...
About this update from Captiva Verde Wellness Corp
[{"type":"text","content":"\n\n\n\nTORONTO, Nov. 24 /CNW/ - SonnenEnergy Corp. ("SonnenEnergy" or "the\nCompany") (TSX-V: PWR), a leading photovoltaic solar power systems integrator\nand solar power producer, today announced that it has signed an agreement (the\n"Agreement") with ASG Financial Corp. ("ASG"), and ASG Solar Power Income Fund\nLimited Partnership ("ASG Solar Power Income Fund" or the "Fund") pursuant to\nwhich SonnenEnergy will have the exclusive right to source, build and maintain\nsolar parks for the Fund.\n\n\n"We are very pleased to become the exclusive integration partner for ASG\nSolar Power Income Fund's solar park projects," said Jeff Dennis, President\nand CEO of SonnenEnergy. "This agreement could potentially provide our\nintegration business with ongoing solar park construction revenues as well as\nlong-term service and maintenance agreements. We are currently in the process\nof conducting due diligence on several potential solar park sites and expect\nto announce the first project with the Fund during the first quarter of 2009."\n\n\nUnder the terms of the Agreement SonnenEnergy will i) identify solar park\nopportunities; ii) design, build and project manage the projects; and iii)\nprovide management and maintenance services under long-terms contracts.\n\n\nPursuant to the terms of the Agreement, after the Fund invests in a\nminimum of CAD $30 million of solar park projects built by SonnenEnergy, ASG\nwill earn a finders fee equal to the lesser of: (i) 60,000 warrants for every\nCAD $1.0 million invested (debt and equity) in solar parks in excess of such\nCAD $30 million and up to a maximum of CAD $200 million, either built by\nSonnenEnergy for the Fund or sold by SonnenEnergy to the Fund pursuant to the\nterms of this agreement; or (ii) such lesser amount of warrants as may be\npermitted by the provisions of Toronto Venture Exchange Policy 5.1. The\nwarrants will be granted to ASG upon delivery of the equity investment by the\nFund, pro-rata in tranches of CAD $1 Million (not to exceed CAD $30 Million in\nequity in total) and will vest upon the completion and delivery of the solar\nparks to the Fund based upon investment in each solar park delivered. The\nwarrants shall be exercisable by the Fund for a period of 2 years commencing\nupon the issuance ...