North Coast Solar Stocks

June 8, 2009

Aerojet and Solar Power, Inc. Announce 3.5 Megawatt Solar Installation at Aerojet’s Sacramento Site

Filed under: SOPW — Tags: , , — Jason @ 8:30 am

Aerojet Project Will Be One of the Largest Industrial Installations in the U.S.

Monday June 8, 2009, 8:30 am EDT

ROSEVILLE, Calif. & SACRAMENTO, Calif.–(BUSINESS WIRE)–Aerojet, a GenCorp (GY) company, and Solar Power, Inc. (“SPI”) (SOPW) announced jointly today that they have entered into an agreement to build a 3.5 megawatt solar system at Aerojet’s Sacramento, California facility. The site is located within the Sacramento Municipal Utility District (SMUD).

This is the first solar system Aerojet has installed and it is a significant part of the company’s environmental and sustainability initiatives. During its first year of use, the Aerojet system is expected to offset approximately 4,200 tons of carbon dioxide, 16.7 tons of sulfur dioxide and approximately 6.5 tons of nitrogen oxide that would have otherwise been produced using fossil fuel power production. The first-year net clean energy benefits equate to offsetting approximately 8,270,000 car miles driven or the clean air benefits realized from planting 976,520 trees. With a system life expectancy of 25 years, the cumulative life-cycle environmental offsets for a system of this scope are significant.

All of the power generated by the system will be utilized by Aerojet operations. “The electricity created by this solar facility provides over 20% of the power required to operate our extensive groundwater remediation program,” said Scott Neish, president of Aerojet. “This initiative is a major step in our efforts to help the environment, reduce our carbon footprint, and return approximately 20 acres of our significant land holdings in the Sacramento area to beneficial use.”

The solar array will be ground mounted utilizing a single-axis tracking system, designed to follow the course of the sun throughout the day to maximize electricity production. The solar array will consist of approximately 18,000 SPI 200 watt modules mounted atop 12 tracking arrays, covering more than 20 acres of the Aerojet site, which is located approximately 10 miles from the California state capitol.

“During the RFP process we competed with most of the major U.S. solar firms for this project. We are very proud to have been selected and we look forward to working with the Aerojet and SMUD teams throughout the project’s execution,” said Steve Kircher, CEO of Solar Power, Inc. “The Aerojet installation will be one of the largest single-site industrial installations in the U.S., and to have it take place here, in close proximity to our international headquarters, where so many of our employees live makes it even more important to us. The system will serve Aerojet and our community; it will be installed by people from our region and will help to improve our environment.”

Installation of the 3.5 megawatt system is expected to be completed in November of this year. SMUD is scheduled to interconnect the system to the power grid in November as well. “SMUD is a utility solar pioneer here to provide energy solutions and a sustainable energy future for our customers,” said John DiStasio, SMUD general manager and CEO. “We look forward to working with both Solar Power, Inc. and Aerojet as this project comes to fruition.”

About Aerojet:

Aerojet is a world-recognized aerospace and defense leader principally serving the missile and space propulsion, defense and armaments markets. GenCorp is a leading technology-based manufacturer of aerospace and defense products and systems with a real estate segment that includes activities related to the entitlement, sale, and leasing of the company’s excess real estate assets. Additional information about Aerojet and GenCorp can be obtained by visiting the companies’ Web sites at http://www.Aerojet.com and http://www.GenCorp.com.

GenCorp Safe Harbor Statement:

This press release contains forward-looking statements based on current management expectations. Numerous factors, including those related to market conditions and those detailed from time to time in GenCorp’s filings with the Securities and Exchange Commission, may cause results to differ materially from those anticipated in the forward-looking statements. Many of the factors that will determine GenCorp’s future results are beyond the ability of GenCorp to control or predict. These statements are subject to risks and uncertainties and, therefore, actual results may differ materially. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. GenCorp undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

About SMUD:

As the nation’s sixth largest publicly owned utility, SMUD has been providing low-cost, reliable electricity for more than 60 years to Sacramento County (and a small portion of Placer County). SMUD is a recognized industry leader and award winner for its innovative energy efficiency programs, renewable power technologies, and for its sustainable solutions for a healthier environment. For more information visit us at smud.org.

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