ROSEVILLE, Calif.—October , 2014 - SPI Solar ("SPI") (OTCBB: SOPW), a vertically-integrated photovoltaic solar developer, today announced that its wholly-owned subsidiary, Xinyu Xinwei New Energy Co., Ltd. ("Xinwei"), has signed engineering, procurement and construction ("EPC") agreements for 100 megawatts ("MW") of solar PV projects in Julu County, Hebei Province, China. The three separate agreements call for the development of two rooftop sites (consisting of 50 MW and 30 MW, respectively) for ecological agricultural farm rooftop installations, as well as a distributed grid ("DG") project (consisting of 20 MW).
For the rooftop projects, construction on the 50 MW project – phase I -- is scheduled to begin in October 2014, with completion and grid connection expected in April 2015. Construction on the 30 MW project – phase II -- is scheduled to begin in May 2015, with completion and grid connection anticipated in August 2015.
Construction of the 20 MW DG project is scheduled to begin in October 2014, with completion and grid connection anticipated in March 2015.
"SPI continues to experience rapid growth in our project business, as we leverage our ability to secure EPC and other agreements both in China and abroad," said Xiaofeng Peng, Chairman of SPI. "We are encouraged by both the number and size of our recent agreements, which strengthens and adds diversification to our growing global solar PV portfolio."
About Solar Power, Inc. (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. 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 successfully complete EPC services for the projects in Hebei Province and continue to experience project growth momentum. 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.
Amy Liu, Solar Power, Inc. (800) 548-8767