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ROSEVILLE, Calif.—November 18, 2014 - Solar Power, Inc. ("SPI" or "SPI Solar") (OTCBB: SOPW), a vertically-integrated photovoltaic ("PV") developer, today announced that its wholly owned subsidiary, SPI Solar Japan G.K., has entered into a definitive purchase agreement to acquire 100% of the equity interest in a 22 megawatt ("MW") solar project company, including land dedicated for the project, located in Sukagawa City, Fukushima Prefecture, Japan. The solar project will be owned and developed by SPI. The agreement also contains an option for SPI to develop up to 3 MW of additional capacity on the same site. Construction is planned to begin in April 2015, with completion and connection to the grid expected in April 2016.
"This agreement marks a significant expansion of SPI's solar project development activities in Japan following our entry into this highly attractive market in September 2014," said Xiaofeng Peng, Chairman of SPI. "Through this substantial acquisition, we have demonstrated SPI's ability to execute large-scale project development in one of SPI's core markets globally."
About Solar Power, Inc. (OTCBB: SOPW):
Solar Power, Inc. ("SPI" or "SPI Solar") is a vertically-integrated PV 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 PV energy facilities and turnkey residential solar solutions 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 business of SPI Solar, its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates," "expects" or similar expressions. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including uncertainties regarding whether the Company will successfully acquire and develop the solar project noted in this press release. 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.
Amy Liu, Solar Power, Inc. (800) 548-8767