North Coast Solar Stocks

September 23, 2009

Solar Power, Inc. Announces $12,000,000 Private Placement

Filed under: SOPW — Tags: , , , — Jason @ 8:50 am

Wednesday September 23, 2009, 8:50 am EDT

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (“SPI”) (SOPW) announced today that it has entered into definitive agreements with institutional and accredited investors with respect to a private placement with gross proceeds of approximately $12,000,000 before payment of placement agent commissions and offering expenses. “The Company intends to use the net proceeds from this financing for general corporate purposes, including working capital,” Stephen Kircher, Chief Executive Officer of Solar Power, Inc. stated. “Our pipeline of opportunities has grown significantly in all of our vertical sales channels. This additional equity will allow us to capitalize on these opportunities and continue our business growth.”

Deutsche Bank served as sole placement agent for the transaction and WI Harper was the lead investor. WI Harper is a venture capital firm that invests in expansion stage companies with significant operations in Greater China.

The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and were sold in a private placement transaction in reliance on Section 4(2) of the Securities Act. Accordingly, the securities acquired in the private placement may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

In connection with this financing, Solar Power has agreed to prepare and file a registration statement covering the resale of the common stock purchased by the investors in the private placement. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities discussed herein, nor may there be any sale of the securities in any jurisdiction in which such offering would be unlawful.

For additional information, please refer to Solar Power’s current report on Form 8-K to be filed with the Securities and Exchange Commission with respect to this transaction.

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