SPI Solar will design and construct a large-scale distributed
generation solar energy facility to supply power to major
pharmaceutical company’s New Jersey operations
Roseville, CA, August 15, 2011—SPI Solar (“SPI”) (OTCBB: SOPW) a leading
vertically integrated photovoltaic (“PV”) solar developer and engineering, procurement
and construction (“EPC”) services provider, announced today that it has been awarded
a contract by KDC Solar LLC (“KDC Solar”) to serve as the EPC contractor for the
design and construction of a 9.7 megawatt fixed-ground-mount, distributed generation
solar energy facility (SEF) which will be owned by a subsidiary of KDC Solar LLC and
provide electricity for onsite consumption by a subsidiary of an international
pharmaceutical company’s operations at their New Jersey corporate headquarters. The
project is a direct result of the three-year agreement SPI, KDC Solar and LDK Solar
(“LDK”) announced in June, 2011. The agreement established SPI as the preferred
EPC services provider to KDC for a minimum commitment by KDC Solar to offer 150
megawatts of SEF projects over 36 months for SPI’s consideration. The agreement
also set as a goal for KDC Solar and SPI to potentially develop a total of 300 megawatts
in SEF projects across New Jersey and New York. In addition, SPI and LDK agreed to
provide construction financing and facilitate long-term financing, supported by LDK, of
up to $750 million for projects.
For this first project, SPI Solar will build the SEF on land owned by KDC Solar that is
contiguous to the pharmaceutical company’s New Jersey headquarters. Through a
long-term power purchase agreement, the pharmaceutical company will buy the power
generated by the SEF from KDC Solar at significantly lower electric rates on a long term
basis. In addition to designing and building the facility, upon completion of construction
SPI will also provide long-term operations and maintenance services for the facility,
ensuring both continued SEF operations and optimal power production. The SEF will be
powered exclusively by LDK Solar’s high-performance modules.
“This project is a perfect example of the KDC Solar, SPI Solar and LDK Solar alliance,”
said Stephen Kircher, CEO of SPI Solar. “It represents precisely the type of projects we
believed our alliance would yield when we announced our three-way agreement in
June,” Mr. Kircher explained. “We look forward to breaking ground and beginning
construction on this project as we continue to jointly pursue many other large-scale
projects.”
“We are very happy to be working with SPI and LDK on this project ,” said Hal Kamine,
CEO of KDC Solar, “This project is perfectly aligned with our focus on creating facilities
to supply long-term, inexpensive solar electricity that yields a significant reduction in the
cost-of-operation to our customers,” Mr. Kamine concluded.
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.
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. In particular, this release contains forward looking statements
about the viability of projects to be reviewed, and whether those projects will ultimately
meet underwriting criteria, or financial modeling sufficient for the Company to undertake
the projects. The commitments are to introduce and offer the projects, and the
Company cannot predict whether all projects will fit within its financial model for
execution, or upon terms that are acceptable to all parties involved. These statements
also 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, Vice President Corporate Communications
SPI Solar
(916) 745-0900
manderson@spisolar.com