CUPERTINO, Calif., Oct. 13, 2010 (GLOBE NEWSWIRE) -- Solargen Energy, Inc. (Pink Sheets:SLGE), a California based solar power developer ("Solargen"), today announced that the San Benito County Board of Supervisors unanimously voted to certify the environmental impact report ("EIR") for Solargen's 399 megawatt photovoltaic solar energy generating facility proposed for the Panoche Valley, located in southeastern San Benito County. This certification of the EIR brings San Benito County in compliance with the California Environmental Quality Act ("CEQA"). CEQA establishes a formal and rigorous process for assessing and mitigating the environmental, economic and social impacts of land-use projects in California. Tuesday's vote by the Board of Supervisors will be followed by the Planning Commission's consideration of Solargen's Conditional Use Permit.
By completing the CEQA process with a certified 1,000 plus page EIR, San Benito County has completed a detailed environmental analysis that included more than 18 months of biological studies and a series of environmental enhancements, which Solargen will complete as part of the solar project. As part of these mitigation measures Solargen, whose project encompasses approximately 3,200 acres, intends to set aside an additional 23,000 acres of land for permanent conservation purposes. This mitigation land includes significant acreage, which is specifically targeted as a priority in the recovery plan for upland species of the San Joaquin Valley.
"We're excited that this project will not only provide California with clean renewable energy, but it will also set aside nearly 23,000 acres of mitigation land that will be instrumental to the preservation of the key species here in the uplands of the San Joaquin Valley," said Michael Peterson, Chairman and Chief Executive Officer of Solargen Energy, Inc. "We have been able to obtain valuable mitigation land targeted by the resource agencies that, without this project, would probably have never been attainable. With our plan of improving and managing this land, we believe this project will provide a great and long lasting benefit to the environment."
"This is a major milestone for the development of responsible renewable energy projects in California," said Reb Monaco, Chairman of the San Benito County Board of Supervisors. "With this action San Benito County has established a leadership role in California's solar energy future," he continued. Solargen plans to begin construction before the end of the year in order to comply with the American Recovery and Reinvestment Act of 2009 application deadline. This certified EIR allows Solargen to complete various state and federal permits before year end.
About Solargen Energy, Inc.
Solargen Energy, Inc., a U.S. publicly-traded solar development company trading under the symbol SLGE.PK, is engaged in the development, production and operation of environmentally friendly, large scale, solar projects to deliver clean electricity to utilities and industrial customers. Solargen is headquartered in Cupertino, California.
Forward-Looking Statements
This press release contains forward-looking statements relating to Solargen's business. These statements and other statements contained in this press release that are not purely historical fact are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on management's beliefs, certain assumptions and current expectations. Words such as "expect(s)," "feel(s)," "believe(s)," "will," "may," "anticipate(s)," and similar expressions and statements about Solargen's market opportunities, future plans and performance, objectives and expectations with respect to future operations and solar development activities, and financial projections and estimates and their underlying assumptions, are all forward-looking statements subject to risks and uncertainties, including, but not limited to: the timing and success of Solargen's solar development efforts, and the ability to raise capital to pursue our business strategy. Readers are cautioned not to place any undue reliance on these forward-looking statements. Actual results may differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. The forward-looking statements contained in this press release are made as of the date hereof, and Solargen does not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events. This announcement is neither an offer to purchase nor a solicitation of an offer to sell shares of Solargen.
CONTACT: Liviakis Financial Communications, Inc. Investor Relations Contact Attn: Mr. John Liviakis +1(415) 389-4670 Fax: +1(415) 389-4694 john@liviakis.com www.liviakis.com 655 Redwood Hwy, Suite 395 Mill Valley, CA 94941 Solargen Energy, Inc. Attn: Adam McAfee, CFO +1(408) 418-2415 Fax: +1(408) 510-6720 amcafee@solargen-energy.com www.solargen-energy.com 20400 Stevens Creek, Suite 740 Cupertino, CA 95014