SPI Solar To Develop 1 Megawatt Utility-Scale Solar Energy Facility In Rhodope, Greece

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 1 megawatt fixed-ground-mount solar energy facility (SEF) which will be located in Rhodope Prefecture, a North Eastern region of Greece. This is SPI’s third major solar development in Greece. In January 2012, SPI announced the second project, a 2 megawatt SEF which is also located in the Evros region. The first project, announced in August, was a 4.4 megawatt SEF located in the Evros region.

The Rhodope SEF will be a fixed-tilt ground-mount utility-scale facility, and the electricity generated by the Rhodope SEF will be purchased by the Greek Public Power Corporation (“PPC”) through a 20-year Power Purchase Agreement (PPA). SPI acquired a limited liability corporation to gain interest in, and become the developer of record for the Rodpoi project.

SPI worked with its local partners SDL Solar (“SDL”) and Global Energy Services Ltd. (“GESL”) to identify the build-ready project, perform on-site technical due diligence and also to 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 project brings a total of 7.4 megawatts under development by SPI in Greece in less than a year,” said Stephen Kircher, CEO of SPI. “Greece provides a very rewarding environment for us to do business in. This project will produce a net economic gain on many levels. It will be owned and operated by private investors within Greece, and as with all of the SEF developments we engage in, local jobs will be created during the construction of the facility. And once completed, the facility will be producing low-cost, sustainable electricity for decades to come,” Mr. Kircher concluded.

A 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.

Copyright Business Wire 2010

More from Press Releases

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

21st Century Fox Scoops Up Local News Stations

21st Century Fox Scoops Up Local News Stations

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Three-Part FREE Webinar Series

Three-Part FREE Webinar Series

March 24 Full-Day Course Offering: Professional Approach to Trading SPX

March 24 Full-Day Course Offering: Professional Approach to Trading SPX