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 an EPC contract by Seashore Solar Development, LLC (“Seashore Solar”), a New Jersey-based solar development company. As EPC contractor, SPI will design, engineer and construct an 11.3 megawatt fixed ground mount solar energy facility (SEF) which will provide the southern New Jersey power grid with solar generated electricity.
The SEF will help meet the state of New Jersey’s Renewable Energy Portfolio Standard (RPS), which is one of the most aggressive in the United States.
In addition to helping the state reach RPS-related goals, the project will create approximately 200 local jobs during construction of the SEF. The SEF is scheduled to begin construction in the first quarter of 2012 upon closing of the project financing by Seashore Solar. “We look forward to working with SPI Solar on this large-scale project,” said Matt Feinstone, Managing Member with Seashore Solar. “As residents of New Jersey, it is very rewarding to help our state reduce its dependency on fossil fuel-generated electricity by offsetting it with clean and sustainable photovoltaic solar electricity. Bringing jobs to the local area is a welcomed bonus,” Mr. Feinstone concluded.
“This project is a perfect fit for us,” said Stephen Kircher, CEO of SPI. “It will allow us to leverage our talents in designing, engineering and constructing a world-class solar energy facility in one of the most exciting solar markets in the United States today,” Mr. Kircher pointed out. “We look forward to breaking ground on this SEF and beginning work with Seashore Solar.”About SPI Solar ( OTCBB: SOPW ): SPI Solar (“SPI”) (Solar Power, Inc.) 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.