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.
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
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.
For further information:
For further information: Jeff Dennis, President & CEO, SonnenEnergy
Corp., Tel: (416) 540-2596, Email: firstname.lastname@example.org; Glen Williams,
Investor Relations, The Equicom Group, Tel: (416) 815-0700 ext. 272, Email: