Science & Technology
Mon, July 18, 2011Sun, July 17, 2011Sat, July 16, 2011Fri, July 15, 2011Thu, July 14, 2011Wed, July 13, 2011Tue, July 12, 2011Mon, July 11, 2011Sun, July 10, 2011Sat, July 9, 2011Fri, July 8, 2011Thu, July 7, 2011Wed, July 6, 2011Tue, July 5, 2011Mon, July 4, 2011Sun, July 3, 2011Sat, July 2, 2011Fri, July 1, 2011SPI Solar Begins Construction of 8-Megawatt Utility-Scale Development in Palm Springs, California
Published in Science and Technology on Tuesday, July 12th 2011 at 3:20 GMT by Market Wire
ROSEVILLE, Calif.--([ BUSINESS WIRE ])--SPI Solar (?SPI?) ([ OTCBB:SOPW ]) a leading developer of photovoltaic (?PV?) solar energy facilities, today announced that it has entered into an EPC contract with North Palm Springs Investments, LLC and has commenced construction on an 8-megawatt DC utility-scale development located near Palm Springs, California. A power purchase agreement (?PPA?) with Southern California Edison (?SCE?) makes SCE the exclusive purchaser of the electricity generated by the SPI system for a 20-year period. During that term, SPI will provide monitoring services via the Company?s proprietary Solar PowerView monitoring system to monitor and maintain optimal system performance and ensure maximum electricity production.
"We are pursuing utility-scale projects, as well as a growing number of distributed generation projects across the US"
?We are very pleased to have this project under way. SCE is a great partner to work with and this is both our largest utility-scale project, and our largest project with SCE to date,? said Steve Kircher, CEO for SPI. ?We are pursuing utility-scale projects, as well as a growing number of distributed generation projects across the US,? Mr. Kircher added. ?This week we are attending the Intersolar North America conference in San Francisco where we will be meeting with several prospects interested in developing strategic partnerships with us like the one we recently announced with KDC Solar. We are excited about our pipeline development and the opportunities it represents for our company,? Mr. Kircher concluded.
The Palm Springs development will utilize approximately 33,880 solar modules manufactured by LDK for SPI on a single-axis tracker system covering a total of 36.5 acres on two separate parcels. SPI?s single-axis tracking systems allow arrays to mechanically tilt the strings of panels to follow the course of the sun, maintain an optimal angle relative to the position of the sun from sunrise to sunset, and thus maximize the electricity production capabilities of the system. SPI incorporates innovative and environmentally friendly installation practices in its construction procedures resulting in minimal disruption to native conditions. (For video on installation of SPI?s tracker systems go to: [ http://www.spisolar.com/Page.aspx?PageID=44 ].)
When complete, the system will produce an estimated 8,000 kilowatt hours of electricity in the first year, the equivalent of removing 10,912 miles driven by cars from the highway and offsetting 6 metric tons of CO2 from the environment.
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. 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.
