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 successfully
completed the acquisition of the necessary contracts and permits to serve as developer
of a 4.4 megawatt fixed-ground-mount solar energy facility (SEF) which will be located
in Evros, a North Eastern region of Greece. SPI became the developer of record for the
project by acquiring a 100% limited partnership interest in the project, which was
already in early-phase planning with another entity. The SEF will be a fixed-tilt ground-
mount utility-scale facility (on approximately 25 acres) selling power to the Greek Public
Power Corporation (“PPC”) through a 20-year Power Purchase Agreement (PPA).
Prior to executing the agreements, SPI worked with Global Energy Services (“GES”) to
identify the build-ready project, and with SDL Solar to perform on-site technical due
diligence and qualify the project for development. GES will work closely with SPI to also
provide project oversight during the construction of the SEF. Additionally, SPI intends
to perform operations and maintenance of the completed facility over the term of the
PPA. SPI’s proprietary monitoring application, Solar PowerViewTM will be used to
monitor the system and ensure optimal system performance and energy production.
The SEF will use LDK’s high-performance solar modules.
The SEF will be located in Evros, in Northeastern Greece, approximately 100 miles
north of Alexandropoulos and just six miles from the Turkish border. Construction is
scheduled to begin in November 2011. Consistent with SPI’s business plan as a SEF
developer, it is the Company’s intention to sell the project during the construction phase
or upon commissioning.
“This is our first project in Greece and we are excited about initiating what we believe
will be the first of several projects there,” said Stephen Kircher, CEO of SPI. “The
system design-build requirements for this project are a perfect match to our skill set and
experience. We will also be creating jobs over the course of this project’s development
which is a plus for the Greek economy,” Mr. Kircher pointed out. “We look forward to
the successful execution of this project and to more projects in Greece and selectively
throughout Europe,” Mr. Kircher 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
For additional information contact:
Mike Anderson, Vice President Corporate Communications