Roseville, CA, June 20, 2011— SPI Solar (“SPI”) (OTCBB: SOPW) a leading
developer of photovoltaic (“PV”) solar energy facilities (“SEF”), today announced
that it has entered into an engineering, procurement and construction (“EPC”)
contract to serve as EPC contractor for a 1.69MW DC photovoltaic solar project
in New Jersey. The system will be a roof-mounted distributed generation system
for on-site power consumption. The project will be owned and operated by
NuGen Capital Management, LLC (“NuGen”), through a NuGen wholly owned
subsidiary.
The SEF being built by SPI will be connected to 5 independent meters serving
tenants at the complex owned by North Jersey Development Group, Inc. Most
recently, SPI worked with NuGen on the 5-megawatt White Rose Foods project
currently under construction in New Jersey. “We are very happy to have been
selected once again by NuGen for this project,” said Steve Kircher, CEO of SPI.
“The project fits nicely within our strategy to further establish our presence in the
northeastern US.”
NuGen works with large-scale energy users and real estate owners to develop,
own, and operate commercial-scale PV solar systems. “I am pleased to be
working with SPI once again on this project, and look forward to others in the
future as NuGen seeks to invest capital in additional opportunities throughout the
Northeast,” said David Milner, CEO for NuGen. “SPI’s experience base and track
record in the solar industry make a big difference when it comes to selecting a
partner for projects such as these,” Mr. Milner concluded. The 1.69 MW project
was co-developed by NuGen and Solaire Development, LLC (“Solaire”) through a
joint development agreement between the two companies. NuGen and Solaire
are currently in the process of collaborating on additional projects.
Construction on the project is scheduled to begin in July 2011.
About Solar Power, Inc. (OTCBB: SOPW):
Solar Power, Inc. (SPI) is a vertically integrated photovoltaic solar developer
offering its own brand of high-quality, low-cost distributed generation and utility-
scale solar energy facility development services. Through the Company’s close
relationship with LDK Solar, SPI extends the reach of its vertical integration from
silicon to system. From project development, to project financing and to post-
construction asset management, SPI delivers turnkey world-class photovoltaic
solar energy facilities to its business, government and utility customers. For
additional information visit: www.spisolar.com.
About NuGen Capital Management, LLC:
NuGen Capital Management was founded in 2009 to invest in commercial scale
solar systems. NuGen develops its own projects as well as partners with other
developers in its pursuit to own and operate solar systems. Working with large
scale energy users and real estate owners, NuGen serves the long term energy
and economic needs of its partners and clients. Based in Rhode Island, NuGen
works in States where the renewable energy policies encourage job creation and
energy sustainability through solar development.
Safe Harbor Statement:
This release contains certain “forward-looking statements” relating to the
business of Solar Power, Inc., its subsidiaries and the solar industry, which can
be identified by the use of forward looking terminology such as “believes,
expects” or similar expressions. The forward looking statements contained in this
press release include statements regarding the Company’s ability to execute its
growth plan and meet revenue and sales estimates, enter into formal long-term
supply agreements, and market acceptance of products and services. These
statements involve known and unknown risks and uncertainties, including, but
are not limited to, general business conditions, managing growth, and political
and other business risk. All forward-looking statements are expressly qualified in
their entirety by this Cautionary Statement and the risks and other factors
detailed in the Company’s reports filed with the Securities and Exchange
Commission. The Company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise, except as may be required under applicable securities law.
For additional information contact:
Mike Anderson, VP Corporate Communications
Solar Power, Inc.
(916) 745-0916
manderson@spisolar.com
Or,
Brion Tanous
CleanTech IR, Inc.
(310) 541-6824
btanous@cleantech-ir.com
Or,
Daniel Poydenis
NuGen Capital Management, LLC
(646) 370-4276
dpoydenis@nugencapital.com