SHANGHAI, April 2, 2015 /PRNewswire/ — Solar Power, Inc. (“SPI”) (OTCBB:SOPW), a vertically-integrated photovoltaic (“PV”) developer, today announced that SPI has entered into a definitive agreement to acquire 100% of the interest in the 6.02 megawatt (MW) solar projects known as “Aerojet” in Rancho Cordova, California. The acquisition is subject to several closing conditions including completion of satisfactory due diligence.

Built in 2009 and 2010 by SPI, the Aerojet solar farms were the largest single-site industrial solar installation in California and among the largest in the United States at the time. SPI installed the PV system at Aerojet under a 25-year power purchase agreement (PPA) to help power the site’s extensive groundwater remediation program, reducing the company’s carbon footprint and improving energy usage at the brownfield Superfund site. In 2009, the site was selected by then California Governor Arnold Schwarzenegger to serve as the backdrop for the signing of the executive order for California’s 33% Renewable Portfolio Standard. In SPI’s proposed re-acquisition of the landmark solar projects into its existing operating portfolio, the Aerojet story will have come full circle for SPI as it continues to make new strides in re-emerging as a global leader in the solar industry.

“We are excited to announce our proposed re-acquisition of the landmark Aerojet solar projects that helped build the California solar market into what it is today. Having these high-quality assets back within SPI will strengthen both our position in the US market and our growing global PV portfolio,” said Xiaofeng Peng, Chairman of SPI.

About Solar Power, Inc. (OTCBB: SOPW)

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.

For additional information visit: www.spisolar.com or www.solarbao.com.

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.

Contact:
Amy Liu, Solar Power, Inc. (800) 548-8767

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SOURCE Solar Power, Inc.