SonnenEnergy Announces Agreement to Build up to CAD $200 Million in Solar Park Projects for ASG Solar Power Income Fund Limited Partnership

17:51 EST Monday, November 24, 2008

TORONTO, Nov. 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 signed an agreement (the "Agreement") with ASG Financial Corp. ("ASG"), and ASG Solar Power Income Fund Limited Partnership ("ASG Solar Power Income Fund" or the "Fund") pursuant to which SonnenEnergy will have the exclusive right to source, build and maintain solar parks for the Fund.

"We are very pleased to become the exclusive integration partner for ASG Solar Power Income Fund's solar park projects," said Jeff Dennis, President and CEO of SonnenEnergy. "This agreement could potentially provide our integration business with ongoing solar park construction revenues as well as long-term service and maintenance agreements. We are currently in the process of conducting due diligence on several potential solar park sites and expect to announce the first project with the Fund during the first quarter of 2009."

Under the terms of the Agreement SonnenEnergy will i) identify solar park opportunities; ii) design, build and project manage the projects; and iii) provide management and maintenance services under long-terms contracts.

Pursuant to the terms of the Agreement, after the Fund invests in a minimum of CAD $30 million of solar park projects built by SonnenEnergy, ASG will earn a finders fee equal to the lesser of: (i) 60,000 warrants for every CAD $1.0 million invested (debt and equity) in solar parks in excess of such CAD $30 million and up to a maximum of CAD $200 million, either built by SonnenEnergy for the Fund or sold by SonnenEnergy to the Fund pursuant to the terms of this agreement; or (ii) such lesser amount of warrants as may be permitted by the provisions of Toronto Venture Exchange Policy 5.1. The warrants will be granted to ASG upon delivery of the equity investment by the Fund, pro-rata in tranches of CAD $1 Million (not to exceed CAD $30 Million in equity in total) and will vest upon the completion and delivery of the solar parks to the Fund based upon investment in each solar park delivered. The warrants shall be exercisable by the Fund for a period of 2 years commencing upon the issuance of such warrants. Subject to such lower exercise price as may be allowable in accordance with the policies of the TSX Venture Exchange (or such other exchange as SonnenEnergy's common shares may trade on from time to time), the exercise price of such warrants shall be equal to the weighted-average closing price of SonnenEnergy's common shares on such exchange for the previous 90 days prior to the grant of the warrants from time to time.