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ROSEVILLE, Calif.-- SPI Solar ("SPI") (SOPW:OTCBB), a vertically integrated photovoltaic solar developer, today announced the completion of its private placement of common stock and convertible bond for an aggregate $21.75 million, as announced on May 6, 2014 and amended on June 3, 2014. Net proceeds are expected to be used for working capital purposes and to pay down debt, while improving SPI Solar's operational flexibility.
"We are pleased to have completed our private placement and with the support provided by our investors," said Min Xiahou, Global Chief Executive Officer of SPI. "This should provide SPI Solar with greater flexibility by which to pursue our current solar business strategy."
About Solar Power, Inc. (SOPW:OTCBB):
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. 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 may contain certain "forward-looking statements" relating to the use of proceeds, business of SPI Solar, its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "believes", "expects" or similar expressions. 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.