ROSEVILLE, Calif.—July 22, 2014 - SPI Solar ("SPI") (SOPW:OTCBB), a vertically-integrated photovoltaic solar developer, today announced that its wholly-owned subsidiary, Xinyu Xinwei New Energy Co., Ltd. ("Xinwei"), has entered into two new PV project-related agreements. The first agreement calls for the sale and transfer of a 50 MW project in Fenyi County, China -- announced on July 2, 2014 -- which Xinwei would begin building and developing as one of the largest utility-scale PV projects in Jiangxi Province. This project has now been sold to Xinyu Zhongzhi Guoxiang New Energy Electric Power Investment Development Co., Ltd., and Xinwei will continue to build and develop the project toward completion as planned.
In addition, SPI Solar announced that Xinwei has entered into an engineering, procurement and construction ("EPC") agreement with Xinyu Zhongzhi Guoxiang New Energy Electric Power Investment Development Co., Ltd. for the construction of a separate 21 MW project in Jiangxi Province. The construction of this project under ownership by Xinyu Zhongzhi Guoxiang New Energy Electric Power Investment Development Co., Ltd. is expected to begin in the third quarter of 2014 with completion anticipated by the end of 2014. Together, these projects totaling 71 MW represent Xinwei's largest EPC contracts to date for solar projects in China.
"We are pleased to announce SPI's participation in these significant PV project developments," said Min Xiahou, global Chief Executive Officer of SPI. "Coupled with our other recent initiatives in China, these agreements strengthen SPI's growing track record in providing world-class PV project development services to Chinese partners and customers."
Xiaofeng Peng, Chairman of SPI, added, "These agreements further underscore SPI Solar's belief that China will become one of the world's largest markets for solar PV projects. SPI Solar will continue to invest in enhancing its capabilities to deliver turnkey solutions for PV project development in China."
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 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. These statements involve known and unknown risks and uncertainties, including, but not limited to, SPI's ability to build and develop photovoltaic (PV) projects in China, the successful sale of the 50 MW Fenyi County, China project, and the ability to complete the 50 MW project in Fenyi County and 21 MW project in Jiangxi Province as scheduled. 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.