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SPI Solar to Serve as Developer of a 4.4 Megawatt Utility-Scale Solar Energy Facility in Greece

^{Published on 2011-08-15 13:36:13 - Market Wire}
 

ROSEVILLE, Calif.--([ BUSINESS WIRE ])--[ SPI ][ Solar ] (aSPIa) ([ OTCBB: SOPW ]) a leading vertically integrated photovoltaic (aPVa) solar developer and engineering, procurement and construction (aEPCa) 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 (aPPCa) through a 20-year Power Purchase Agreement (PPA).

"We look forward to the successful execution of this project and to more projects in Greece and selectively throughout Europe"

Prior to executing the agreements, SPI worked with Global Energy Services (aGESa) 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. SPIa™s proprietary monitoring application, Solar PowerView^TM will be used to monitor the system and ensure optimal system performance and energy production. The SEF will use LDKa™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 SPIa™s business plan as a SEF developer, it is the Companya™s intention to sell the project during the construction phase or upon commissioning.

aThis is our first project in Greece and we are excited about initiating what we believe will be the first of several projects there,a said Stephen Kircher, CEO of SPI. aThe 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 projecta™s development which is a plus for the Greek economy,a Mr. Kircher pointed out. aWe look forward to the successful execution of this project and to more projects in Greece and selectively throughout Europe,a 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 Companya™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 aforward-looking statementsa 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 abelieves, expectsa or similar expressions. The forward looking statements contained in this press release include statements regarding the Companya™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.