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SonnenEnergy Announces $2.2 Million Solar Park Financing Agreement with HypoVereinsbank

16:30 EDT Friday, October 24, 2008

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.