TORONTO, Oct. 24 /CNW/ - SonnenEnergy Corp. ("SonnenEnergy" or "the Company") (TSX-V: PWR), a leading photovoltaic solar power systems integrator and solar power producer, today announced that it has completed a $2.2 million refinancing agreement for the first phase Solar Park Hausen with the German bank HypoVereinsbank. Under the terms of the agreement, SonnenEnergy has provided its interest in the first phase of Solar Park Hausen as security for the loan. HypoVereinsbank has also agreed to provide an additional $5.4 million in financing to fund construction of the second phase of Solar Park Hausen, which is expected to be completed by the end of the year.
Solar Park Hausen is the second solar park owned by SonnenEnergy, which also owns and operates an 11-acre solar park in Waldstetten, Germany. Solar Park Hausen currently has a peak capacity of 0.8 megawatts ("MWp") and upon completion of Phase 2 of the project, will have a capacity of 1.7 MWp.
About SonnenEnergy
SonnenEnergy is a solar power systems integrator and solar power producer. The company markets, sells, designs, installs, operates, and maintains grid-connected solar power systems and, since 2004, has installed more than 160 photovoltaic (PV) solar power systems for commercial and residential customers. The company also operates solar power plants in southern Germany, which have total installed capacity of more than 5,000 kWp. SonnenEnergy's corporate offices are located in Toronto, Ontario and its European operations are based in Polling, Germany, with a sales office in Italy. For more information, please visit SonnenEnergy's website at www.sonnenenergy.com.
Forward-Looking Statements
Forward-looking statements in this news release are based on current expectations that are subject to significant risks and uncertainties. Actual results might differ materially due to various risks and uncertainties as described in the company's amended and restated preliminary prospectus available at www.sedar.com. Such risks and uncertainties include, but are not limited to, the retention of key personnel, its dependence on suppliers for components for the systems that it designs and installs, the availability of silicon, its ability to expand sales, technology changes, unexpected warranty expenses or service claims, and its ability to meet its clients' expectations. SonnenEnergy assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements.
The TSX-V has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.