10:09 AM EDT, 08/15/2024 (MT Newswires) -- SolarMax Technology ( SMXT ) said Thursday that it has signed a non-binding term sheet for a solar project in San Jose, California, to develop and manage a 4.17-megawatt photovoltaic solar power plant and a 2-megawatt energy storage system at a large mall.

The project will be financed through a power purchase agreement, the company said.

Finalization of the project is subject to a definitive agreement with the mall owner, securing financing, and negotiating electricity sales, SolarMax ( SMXT ) said.

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