ROSEVILLE, Calif.-- 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 received preliminary approval from the local government of LiaoCheng City to develop a PV project totaling approximately 10 megawatts (MW), in Shandong Province, China.
The project calls for the development of approximately 10 MW of distributed generation ("DG") solar power for the Jia Ming Development Zone. Assuming final approval, construction of the project is scheduled to begin during the fourth quarter of 2014, with completion expected in 2015. This potentially marks SPI's first DG project in China, as well as the company's first solar PV project in Shandong Province.
The independent market research firm IHS noted that DG installations in China are expected to accelerate rapidly due to China's National Energy Administration ("NEA") policy initiatives as well as growing market demand forces. IHS reported that nearly 5 GW of DG installations are forecasted for completion in 2014.
"We are delighted to announce SPI's first PV project development experience in Shandong Province," said Min Xiahou, global Chief Executive Officer of SPI. "During 2014 we have seen dramatically increased commitment in China by both provincial and local governments toward developing renewable energy generation capacity, particularly with solar PV power generation. SPI will continue to expand its footprint across China's PV markets."
Xiaofeng Peng, Chairman of SPI, added "While distributed generation solar is still in the very ‘early innings' of growth in China, we expect rapid adoption of DG in the coming years as both technology and financial solutions improve. SPI's Yes!® Solar solutions for the residential market are well positioned to capitalize on this opportunity as the DG market in China matures."
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 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 "believes", "expects" or similar expressions. These forward-looking statements include, but are not limited to, that Xinwei will receive approval to build and develop photovoltaic (PV) project for the Jia Ming Development Zone and that it can build such project for a profit. These forward-looking statements involve known and unknown risks and uncertainties. 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.