Solar Power, Inc. (“SPI”) (SOPW:OTCBB), a vertically-integrated photovoltaic (“PV”) project developer, today announced that it has entered into an agreement with RE Projects Development (“REPD”), a leading utility-scale PV project developer in the United Kingdom, to co-develop approximately 25 megawatts (“MW”) of photovoltaic projects in the UK.
Under the terms of the agreement, SPI and REPD UK will co-develop sub-5 MW projects at various locations in South Wales, South East Midlands and Northern England. The projects generally enjoy favorable radiation conditions and accessible connection to the grid. SPI anticipates that all of the projects may be completed and sold by the third quarter of 2015, contributing significantly to its revenue in 2015. Additional projects will be added to the portfolio as REPD and SPI secure suitable project sites. SPI believes these projects will be keenly sought after by investors, as they will have accreditation under the UK’s Feed-in-Tariff (FiT) scheme or Renewables Obligation Certificates (ROCs) at rates of 1.3 ROCs/MWh.
Xiaofeng Peng, Chairman of SPI, stated, “We are pleased to announce another significant partnership to develop PV projects in the UK, one of the strongest PV markets globally. Given investors’ interest in these attractive projects due to their eligibility to receive FiT and ROC 1.3 incentives, this partnership further cements SPI’s footprint in this core market, and brings additional diversification to our global PV business.”
About Solar Power, Inc. (SOPW:OTCBB)
Solar Power, Inc. (“SPI” or the “Company”) is a global leader in enabling photovoltaic (PV) solutions for business, residential, government and utility customers and investors. SPI focuses on the downstream PV market including the development, financing, installation, operation and sale of utility-scale and residential solar power projects in China, Japan, Europe and North America. The Company also operates an innovative online energy e-commerce and investment platform, www.solarbao.com, which enables individual and institutional investors to purchase innovative PV-based investment and other products. The Company has its operating headquarters in Shanghai and global operations in Asia, Europe and North America.
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the business of SPI, 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 contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including uncertainties regarding whether the transactions contemplated will be successfully completed. 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