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 2 megawatt fixed-ground-mount solar energy facility (SEF) which will be located in Evros, a North Eastern region of Greece. This is SPI’s second major solar development in Greece. The first project, announced in August, was a 4.4 megawatt SEF also located in the Evros region. SPI acquired a limited liability corporation to gain interest in the Evros development to become the developer of record for the project, which was fully permitted and ready to be built. The SEF will be a fixed-tilt ground-mount utility-scale facility. The electricity generated by the SEF will be purchased by the Greek Public Power Corporation (“PPC”) through a 20-year Power Purchase Agreement (PPA). Construction is scheduled to begin in the first quarter of 2012. It is SPI’s intention to sell the project during the construction phase or upon commissioning. SPI worked with Global Energy Services Ltd. (“GESL”) to identify the build-ready project and to perform on-site technical due diligence in order to qualify the project for development. GESL will work closely with SPI to also provide project oversight during the construction of the SEF. Once completed, SPI intends to perform operations and maintenance of the facility over the term of the PPA. The SEF will use LDK’s high-performance solar modules. “This is our second major project in Evros in less than a year and we are very pleased with the direction our efforts are taking us in Greece,” said Stephen Kircher, CEO of SPI. “The projects we are executing and pursuing in Greece are perfectly suited to our experience and skill set,” Mr. Kircher stated. “It’s a real plus to be able to make a positive economic contribution through the jobs we will be creating and the low-cost, sustainable electricity our facilities will be producing. We look forward to more projects in Greece and elsewhere in Europe,” Mr. Kircher concluded.
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.