North Coast Solar Stocks

October 6, 2009

Solar Power, Inc. Announces Private Placement of $2,000,000 From One Additional Investor

Filed under: SOPW — Tags: , , , — Jason @ 6:00 am

6:00 am EDT, Tuesday October 6, 2009

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (“SPI”) (SOPW) announced today that it has entered into a definitive agreement for an additional $2,000,000 with one additional accredited investor who was unable to participate in the first closing of its previously announced private placement. This additional investment brings the aggregate gross proceeds to approximately $14,000,000 from the sale of approximately 14,000,000 shares of common stock 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, “This second closing concludes this placement round and will allow us to continue to capitalize on our pipeline of opportunities and business growth.”

Deutsche Bank Securities, Inc. served as sole placement agent for the transaction.

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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