North Coast Solar Stocks

December 2, 2009

Solar Power, Inc. Enters Sales Representation Agreement with Belgium Based BNL-Tactics Group International

Filed under: SOPW — Tags: , , — Jason @ 11:58 am

BNL Tactics Will Sell Solar Power, Inc. Dealerships Throughout Belgium and Surrounding Regions to Represent SPI Products

11:58 am EST, Wednesday December 2, 2009

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (“SPI”) (SOPW) announced today that it has signed an exclusive sales representation agreement with BNL-Tactics Group International (“BTGI”) based in Belgium and Luxembourg. Under the terms of the agreement BTGI will represent the Yes! TM residential photovoltaic (PV) solar solutions product line, as well as the SPI’s commercial solutions. BTGI will solicit dealerships throughout Belgium and surrounding regions for the purpose of distributing SPI’s solar product lines and also provide direct product sales and sales training to ensure the success of those dealers. SPI will sell its products directly to the dealers established by BTGI under separate individual dealer agreements.

“The BNL-Tactics Group International and Solar Power, Inc. relationship is a unique and exciting opportunity for both parties,” said Bradley Ferrell, President of Business Development for Solar Power, Inc. “This part of the European market offers significant growth opportunities in the near term for PV solar. Our turnkey integrated solutions allow BTGI to set up dealers and quickly ramp sales through the BTGI sales force and sales training programs. Similarly, it provides us with a rapid growth opportunity and a means to accelerate market penetration in an area in Europe with major growth potential. It’s a win-win arrangement.”

“Our company is focused on delivering high-quality solar solutions into a significant solar market opportunity throughout Belgium, Luxembourg, The Netherlands, Northern France, Poland and other European countries,” said Bart Cops, CEO of BNL Tactics Group International. “We share common core values and a commitment to high-quality products with Solar Power, Inc., and these are the key attributes we look for in a strategic relationship. BNL Tactics Group International brings a unique aspect to our combined business model. We provide the sales engine with a proven sales force and sales training for the dealers we establish to enable a very fast business ramp. We look forward to a long and successful relationship by leveraging the strengths both teams bring to the table,” Mr. Cops concluded. Orders through BTGI have begun with an initial shipment of 300 kilowatts of product completed.

Solar Power, Inc. currently has 17 dealers within the United States and a growing number of dealers and distributors across Europe, Asia and Australia. The Company’s Yes!TM products are fully integrated solutions sold in a kit form to qualified dealers. All of the Company’s solutions feature Solar Power, Inc.’s high-performance solar modules which have been top ranked by the California Energy Commission.

December 1, 2009

Solar Power, Inc. Enters Agreement with Beutler Corporation to Become an Authorized Dealer

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

Beutler Heating and Air Conditioning to Carry Solar Power, Inc.’s Yes! Solar SolutionsTM Products

6:00 am EST, Tuesday December 1, 2009

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (“SPI”) (SOPW) announced today that it has signed a dealer agreement with Beutler Corporation making Beutler Heating and Air Conditioning one of the Company’s newest dealers to represent the Yes! Solar, Inc. product line. Beutler Heating and Air Conditioning has more than 60 years of experience and success in the residential and commercial HVAC business and has recently added a solar division to its operations which will carry SPI’s Yes! Independence SeriesTM integrated residential photovoltaic solar solutions as well as SPI’s commercial solar solutions. Beutler will offer the Yes!TM product line throughout all of its Northern California operations and service areas.

“The Yes! solar product line offers unique, high-quality turnkey solar solutions for both our residential and commercial customers,” said Rick Wylie, President of Beutler Corporation. “Their residential solar home energy systems provide us with a single-source solution which allows us to deploy a low-cost, superior-quality custom system with a very short installation cycle. Similarly, our commercial customers will benefit from SPI’s suite of integrated commercial solar solutions.”

“Beutler Corporation has a very strong brand presence in Northern California and it’s based on their reputation for quality and value,” said Steve Kircher, Chairman and CEO of Solar Power, Inc. “It is a privilege to be chosen for inclusion in Beutler’s product mix and service offering.”

Solar Power, Inc. currently has 17 dealers within the United States and a growing number of dealers and distributors across Europe, Asia and Australia. The Company’s Yes!TM products are fully integrated solutions sold in a kit form to qualified dealers. In addition, the Company also provides dealers with a full range of support services that includes system designs, permit ready plans and a proprietary monitoring service that allows homeowners to monitor system production and cumulative benefits. All of The Company’s solutions feature Solar Power, Inc.’s high-performance solar panels which have been top ranked by the California Energy Commission.

November 10, 2009

Aerojet, Solar Power, Inc. and SMUD Dedicate 3.6 Megawatt Solar System – Announce 2.4 Megawatt Addition at Aerojet Site

Filed under: SOPW — Tags: , , — Jason @ 5:30 pm

At Six Megawatts, the Aerojet Project Will Be the Largest Single-Site Industrial Installation in California and One of the Largest in the U.S.

5:30 pm EST, Tuesday November 10, 2009

SACRAMENTO, Calif. & ROSEVILLE, Calif.–(BUSINESS WIRE)–Aerojet, a GenCorp (GY) company and Solar Power, Inc. (“SPI”)(SOPW), announced jointly today that the companies have entered into agreement to add an additional 2.4 megawatts to the single-axis tracker photovoltaic solar system currently installed at Aerojet’s Sacramento, California site. Construction of the 3.6 megawatt solar system at Aerojet’s facility was initiated in June of 2009. By expanding the system to six megawatts, the installation will be the largest single-site industrial location in California and one of the largest in the country. The site is located within the Sacramento Municipal Utility District (SMUD).

The announcement of an additional 2.4 megawatts was made during today’s dedication event and press conference hosted by Aerojet, SPI and SMUD. The event was held at the same location where California Governor Arnold Schwarzenegger signed an executive order on Sept. 15, 2009 calling for 33 percent of energy consumed in California to come from renewable resources by the year 2020. Heralding the expansion of the solar array, Governor Schwarzenegger said, “The addition of this large-scale solar project is further evidence that reliable, renewable and pollution-free technology is here to stay. And this project is great news for California because it will help us meet our ambitious renewable energy and environmental goals, lead to more homes and businesses powered by sunshine and create new jobs in the clean-tech industry.”

“We like to say ‘At Aerojet, it really is rocket science,” said Scott Neish, president of Aerojet. “For sixty years, energy management has been at the root of our aerospace operations, and our venture into broader energy management programs demonstrates the real commitment Aerojet is making towards operating in a more sustainable fashion and reducing our company’s carbon footprint. This solar partnership is a concrete example of this commitment.”

The solar array at Aerojet is a ground-mounted system utilizing a single-axis tracking system that follows the sun’s course throughout the day to maximize electricity production. The additional array will utilize 11,712 SPI 205 watt modules mounted atop eight tracking arrays. When completed, the entire six megawatt system will cover more than 40 acres of the Aerojet site and utilize 22 tracking arrays and 29,344 SPI 205 watt photovoltaic modules. Based on its performance characteristics, the SPI 205 watt module is currently the number one ranked PV solar module in its class with the California Energy Commission.

“Prior to this addition, the Aerojet project was already one of the largest system installations in the U.S. this year, and the foundational portion of our growing portfolio and pipeline of multi-megawatt projects. With a 40 percent increase in the size of the system, the Aerojet site is now host to the largest single-site industrial installation in California,” said SPI’s CEO & Chairman, Steve Kircher. “Aerojet is a wonderful company to work with and we are very happy about the addition to the system. It speaks volumes about our ability to install a superior solution on-time, on-target and on-budget,” Mr. Kircher concluded.

Installation of the 2.4 megawatt system addition is expected to be completed in April 2010. SMUD is scheduled to interconnect the system to the power grid at that time. “SMUD is very proud to be a partner in this project,” said John DiStasio, SMUD General Manager and CEO. “We have a long solar heritage dating back to the early 1980s when we built the solar PV plant which is now the oldest megawatt-scale photovoltaic power plant continuously operating in North America. The Aerojet solar project is a huge benefit in terms of improving the environment of our community and the region as well as being a valuable part of increasing the stability and reliability of the SMUD electrical grid.”

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November 9, 2009

Solar Power, Inc. Announces Third Quarter 2009 Financial Results

Filed under: SOPW — Tags: , , , , , , — Jason @ 4:35 pm

4:35 pm EST, Monday November 9, 2009

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (SOPW), a vertically integrated international designer, manufacturer and marketer of photovoltaic (PV) modules and balance-of-system components and installer of PV solar electric systems for U.S. commercial, public and residential customers today announced results for the third quarter and nine months ended September 30, 2009.

Third Quarter of 2009 Results:

Net sales for the third quarter of 2009 were $22.3 million compared to $19.6 million in net sales in the third quarter of 2008, an increase of 13.5% over the comparative period. Gross profit for the third quarter of 2009 was $5.1 million, or 23.1% of sales, compared to $1.9 million, or 9.5% of sales, for the third quarter of 2008. Operating expenses for the third quarter of 2009 were $3.5 million (15.6% of sales) compared to $2.8 million (14.4% of sales) for the same period last year. Other income, net, including interest and taxes was $79 thousand. Net income for the third quarter of 2009 was $1.7 million, or $0.05 per basic share and $0.04 diluted share, compared to a net loss of $1.0 million, or ($0.03) per basic and diluted share, in the third quarter of 2008. Weighted average number of common shares outstanding used in computing basic per share amounts for the three months ended September 30, 2009 was 38,994,000 and the weighted average number of common shares outstanding used in computing the diluted per share amounts for the three months ended September 30, 2009 was 39,201,234. The weighted average number of common shares outstanding used in computing the basic and diluted per share amounts for the three months ended September 30, 2008 was 37,740,368.

Nine Months Ended September 30, 2009 Results:

Net sales for the nine months ended September 30, 2009 were $38.5 million compared to $35.5 million in net sales in the comparative period of 2008, an increase of 8.4%. Gross profit for the nine months ended September 30, 2009 was $7.3 million, or 19.0% of sales, compared to $3.3 million, or 9.2% of sales, for the comparative period of 2008.

Operating expenses for the nine months ended September 30, 2009 were $9.9 million (25.9% of sales) compared to $9.0 million (25.2% of sales) for the same period last year. Other income, net, including interest and taxes was $43 thousand. Net loss for the nine months ended September 30, 2009 was $2.6 million, or $0.07 per basic and diluted share, compared to a net loss of $5.7 million, or $0.15 per basic and diluted share, in the comparative period of 2008. Weighted average number of common shares outstanding used in computing basic and diluted per share amounts for the nine months ended September 30, 2009 and 2008 were 38,286,787 and 37,671,794, respectively.

Balance Sheet:

Assets include cash and cash equivalents at September 30, 2009 of $9.3 million and accounts receivable (net) and costs and estimated earnings in excess of billings of $21.8 million. Inventory was $5.9 million. Total assets were $40.9 million while total liabilities were $22.2 million. Common shares outstanding at September 30, 2009 were 50,020,826.

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October 19, 2009

Solar Power, Inc. Signs Additional Supply Agreement with Bayer and Raach for 1.5 Megawatts as First-Phase Order for a 5-MW Bavarian System

Filed under: SOPW — Tags: , , , — Jason @ 11:06 am

Agreement Marks Third 2009 Order with Solar Power, Inc. by German Solar System Installer

11:06 am EDT, Monday October 19, 2009

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (“SPI”) (SOPW) announced today that it has executed a second supply agreement with Bayer and Raach, a German solar installation company serving the residential and commercial market segments throughout Germany and Southern Europe. The supply agreement calls for SPI to provide 1.5 megawatts of SPI’s 200-watt modules to meet initial-phase requirements for a 5-megawatt system Bayer and Raach is installing in Bavaria. The system will be built in phases over 2009 and 2010, ultimately calling for a total of 5 megawatts of SPI’s 200-watt modules which are top ranked for performance with the California Energy Commission.

“Bayer and Raach have placed orders with us in excess of 3 megawatts so far this year. We look forward to continuing to provide Bayer and Raach with our top performing modules and innovative racking products as they to pursue their business development activities throughout Germany and Southern Europe,” said Bradley Ferrell, President of SPI’s Commercial Sales Division. “This agreement further validates our international business development strategy as we continue to build other relationships with strategic clients similar to Bayer and Raach,” Mr. Ferrell concluded.

Bayer and Raach are engaged in renewable energy consulting, as well as planning and installation of photovoltaic systems. The German company is ideally positioned to sell SPI’s products throughout their European market area which serves Germany, Italy, the Czech Republic and Slovenia. SPI continues to advance its international sales strategy through sales of its top performing modules and proprietary commercial systems, SkyMountTM and PeaqTM solar canopies.

October 13, 2009

Solar Power, Inc. Signs Contract to Begin 350 kW Phase-One Installation of Multi-Megawatt System at Sacramento’s McClellan Business Park

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

System Will Utilize Solar Power, Inc.’s New PeaqTM Solar Canopy System

6:00 am EDT, Tuesday October 13, 2009

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (“SPI”) (SOPW) announced today that it has signed a contract with MP Holdings to build a 350 kilowatt photovoltaic (PV) solar system as the first phase of a multi-megawatt system installation at McClellan Business Park located in Sacramento, California. A former Air Force Base, the McClellan Business Park has been transformed into one of California’s most unique business centers featuring more than 8-million square feet of commercial and industrial space. The management team of the business park is dedicated to providing tenants with a top-level service experience. The new system will serve to reduce energy costs at McClellan Business Park, providing a direct benefit to tenants.

The system to be installed at the business park will feature Solar Power, Inc.’s latest innovation, the PeaqTM solar canopy system designed to convert parking areas into solar arrays. Peaq is a highly scalable modular system that provides an alternative to traditional rooftop and ground-mount solar module arrays. In addition to providing an optimal platform for arrays, the Peaq solar canopy system will provide year-around weather protection, and energy efficient LED up lighting for enhanced night-time security to tenants and visitors who park under the structures. One of the environmental benefits of the Peaq system is a reduction in the urban heat islanding effect associated with metropolitan areas and exacerbated by large open asphalt parking areas. Peaq shades parking lots, reducing heat buildup while generating electricity through the solar modules mounted on top of the canopies, creating a true economic and environmental win-win solution. Peaq solar canopy systems are modular, kitted solutions that arrive from SPI’s manufacturing facility with subassemblies in place. SPI’s unique kit-style approach minimizes both installation time requirements and costs.

“The quality and design features of Solar Power, Inc.’s PeaqTM solar canopy system provide us with a very unique opportunity,” said Larry Kelley, CEO for McClellan Business Park, LLC. “The system will reduce our electricity costs while providing our tenants and their visitors the additional benefits of weather protection for their automobiles all year. The Peaq system bears a distinct look which will be an aesthetic complement to our development.”

“This is our first Peaq installation in the United States and we are very pleased to have it here in Sacramento,” said Steve Kircher, CEO of Solar Power, Inc. “Peaq is a great platform for solar, and from an all-around solution perspective, there is nothing else like it on the market today. Peaq’s unique architectural design and attributes will undoubtedly draw a lot of attention to the McClellan Business Park.”

The McClellan project is scheduled for construction in the fourth quarter of 2009 and will utilize SPI’s 205-watt solar modules which are top-ranked for performance by the California Energy Commission.

October 7, 2009

Solar Power, Inc. Helps Ventura County Turn Vision for Solar Into Reality

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

Solar Power, Inc. to Install Solar Systems at Two County Locations, Ventura County Advances Sustainability Initiative

Wednesday October 7, 2009, 6:00 am EDT

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (“SPI”) (SOPW) announced today that as a result of a unanimous vote by the County of Ventura Board of Supervisors, it has been selected to design and install photovoltaic (“PV”) solar systems on two of the County’s buildings. SPI will install a 328 kW system on the Fleet Services and Public Works buildings at the Saticoy Operations Yard and a 169 kW system on the County’s Vanguard building, located in Oxnard. This 497 kilowatt photovoltaic solar power project marks Ventura County’s entry into the solar energy field.

The project represents the culmination of a long-term effort on the part of the Ventura County government. Officials within the Ventura County government have been working to bring solar energy to the County’s facilities since January 2008. At the project’s inception, officials believed a PV solar system would serve as a starting point in the County’s transition to alternate energy solutions and a physical expression of its commitment to fiscal and social accountability. “We have always been interested in renewable energy as a viable economic strategy,” said Steve Morgan, Chief Deputy Director GSA for Ventura County. “When we began to pursue LEED certification for some of our newer facilities, we became more determined than ever to invest in a solar system that would make economic and environmental sense. This project helps us achieve that goal.”

A team of County personnel was formed in 2008 to research opportunities for a solar energy system. Rather than seeking dedicated funding for a solar project, the team identified a structured financing instrument called a Power Purchase Agreement (PPA) that would allow the County to host the system and purchase the power it produces at a rate that would offer energy savings. However, the initial phase of the project happened to coincide with the largest capital crisis in recent history, and funding for the project dried up. SPI was able to facilitate the project by introducing Solar Power Partners, Inc. (SPP) of Mill Valley, CA to Ventura County. SPP has arranged for financing of the project and will own and operate the solar arrays over the term of a PPA. Solar Power Partners is one of the most successful commercial solar PPA providers in the country.

The two systems that resulted from the County’s efforts will be a mix of conventional roof-mount solar and SPI’s proprietary SkyMountTM system, which enables minimal roof penetrations, optimizes solar module performance, and reduces installation time requirements. SkyMount will be used for more than half of the overall system installations. The installations will incorporate 2,448 of SPI’s 205-watt modules, recently ranked by the California Energy Commission as the industry’s top performing solar modules in their category.

“It has been especially rewarding to work with the Ventura County officials to develop a solution that will help them attain their energy and cost saving goals. Their unwillingness to abandon this project at a time when forces outside of their control seemed insurmountable is inspirational,” said Bradley Ferrell, President of Solar Power, Inc.’s commercial sales division. “Like many local governments across the state of California, Ventura County has initiated a program to adopt solar at many of its operations. We hope to work with County officials on future projects as they continue their migration to solar in other areas of the County’s operations as a cost-saving alternative to traditional utility-sourced electricity,” Mr. Ferrell concluded.

About Solar Power Partners (SPP)

Solar Power Partners, Inc. (SPP) is America’s premier independent solar power producer and is leading the way in streamlining the adoption of clean solar energy by businesses, institutions, municipalities, and utilities throughout the United States. Combining the financing strength of solar Power Purchase Agreements (PPAs) with the expertise and best practices of top solar and building industry professionals, SPP gives building owners a clear path to achieving energy independence with lower electrical costs at predictable rates and without the risks or costs of owning and maintaining solar facilities. For more information visit http://www.solarpowerpartners.com.

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.

September 23, 2009

Solar Power, Inc. Executes Sales Agreement with Solarmarkt Sued Park for up to 25 Megawatts of Modules and 50 Megawatts of SkyMountTM Product

Filed under: SOPW — Tags: , , — Jason @ 9:15 am

SPI to Begin Processing Orders for Germany-Based Solarmarkt Sued Park Immediately

Wednesday September 23, 2009, 9:15 am EDT

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (“SPI”) (SOPW) announced today that it has signed a sales order agreement to supply German solar project developer Solarmarkt Sued Park with up to 25 megawatts of SPI’s high-performance 200 and 205-watt modules for a project currently being executed by Solarmarkt Sued Park. The agreement also includes up to 50 megawatts of SPI’s proprietary SkyMountTM commercial rooftop racking systems. Under the agreement several megawatts of SPI solar modules and SkyMountTM racking are to be delivered during the remainder of 2009. The sales order agreement is set to extend through 2010 with product orders commencing immediately.

Solarmarkt Sued Park is a leading solar project developer focused on developing large-scale commercial photovoltaic solar systems throughout Germany. “The performance of SPI’s solar modules is world-class. We share a common commitment to quality and place high value on their solutions-based approach to commercial systems,” said Frank Weckerle, President of Solarmarkt Sued Park. “The quality and design features of Solar Power, Inc.’s SkyMountTM rooftop racking system are superior. We have selected SPI’s SkyMount system because it is an adaptable solution for a variety of unique installation requirements and offers an innovative non-penetrating option. We look forward to working with SPI as we execute both our current book of business and our developing project portfolio,” Mr. Weckerle concluded.

“The German solar market is very important to us. Our agreement with Solarmarkt Sued Park represents significant progress as we continue to pursue our international product sales strategy,” said Bradley Ferrell, President of Solar Power, Inc’s Commercial Sales Division. “As a large-scale project developer with an excellent reputation and strong demand for their services, we are very pleased to have our products play a significant role in the solar systems they are installing across Germany.”

Solar Power, Inc. will immediately commence processing orders to meet Solarmarkt Sued Park’s active project requirements through the remainder of 2009. The balance of the agreement will be fulfilled throughout 2010. SPI continues to advance international sales of its high-performance modules, proprietary SkyMountTM racking systems, and its PeaqTM solar canopies.

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.

September 4, 2009

Solar crisis set to hit in 2010

Filed under: ENER, JASO, LDK, SOL, SOPW, YGE — Tags: , , , , — Jason @ 10:00 am

50% of manufacturers may not survive, says The Information Network

Michael McManus, DIGITIMES, Taipei [Friday 4 September 2009]

The solar industry is at a critical stage and 50% of existing solar manufacturers may not survive 2010, according to The Information Network.

The market research firm recently noted massive inventory buildup and huge overcapacity were having a serious impact on the solar panel industry and manufacturers, and Dr. Robert Castellano, president of The Information Network has now pointed out that inventory is averaging 122 days in 2009 versus 71 days in 2008. Capacity utilization dropped to 27.9% in 2009 from 48.0% in 2008.

A key reason is increased supply from China, which added an additional 1GW of capacity. The price per watt has now dropped to US$1.80 for polysilicon-based products, which is lower than the US$1.85 level The Information Network previously thought the industry would see at the end of 2009. By way of comparison, the average selling price in the third quarter of 2008 was US$4.05 per watt.

The Information Network doesn’t expect other industry players to back down from increased competition from China. Other makers are expected to increase their capacities despite the low utilization rates in order to reach economies of scale and better compete against the Chinese. The market research firm expects the industry to see a 25.7% capacity utilization rate and 133 days inventory in 2010.

Average selling prices could drop below US$1 per watt in 2010 and US$0.50 in 2011. As many as 50% of the more than 200 solar manufacturers, mired in red ink with current selling prices above US$2.00 per watt, may not survive, The Information Network stated.

Solar panel manufacturers that have reported loses just in the past few weeks include Energy Conversion Devices (ENER), JA Solar (JASO), LDK Solar (LDK), Q-Cells, ReneSola (SOL), Solar Power (SOPW), and Yingli Green Energy Holding (YGE).

The Information Network: Planned global solar capacity increases, 2008-2010
Item 2008 2009 2010
Solar consumption (MW) 5,625 4,894 6,215
Solar capacity (MW) 11,722 17,551 24,212
Utilization 48.0% 27.9% 25.7%
Inventory days 71 122 133

Source: The Information Network, compiled by Digitimes, September 2009

August 13, 2009

Solar Power, Inc. Announces Second Quarter 2009 Financial Results

Filed under: SOPW — Tags: , , , , , — Jason @ 4:05 pm

Thursday August 13, 2009, 4:05 pm EDT

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (SOPW), a vertically integrated international designer, manufacturer and marketer of photovoltaic (PV) modules and balance-of-system components and installer of PV solar electric systems for U.S. commercial, public and residential customers today announced results for the second quarter and six months ended June 30, 2009.

Second Quarter of 2009 Results:

Net sales for the second quarter of 2009 were $10.4 million compared to $10.0 million in net sales in the second quarter of 2008. Gross profit for the second quarter of 2009 was $1.6 million, or 14.9% of sales, compared to $1.4 million, or 13.8% of sales, for the second quarter of 2008. Operating expenses for the second quarter of 2009 were $3.2 million (30.4% of sales) compared to $3.3 million (33.0% of sales) for the same period last year. Other expenses, net, including interest and taxes were $21 thousand. Net loss for the second quarter of 2009 was $1.6 million, or $0.04 per basic and diluted share, compared to a net loss of $1.9 million, or $0.05 per basic and diluted share, in the second quarter of 2008. Weighted average number of common shares outstanding used in computing basic and diluted per share amounts for the three months ended June 30, 2009 and 2008 were 37,940,529 and 37,679,721, respectively.

Six Months Ended June 30, 2009 Results:

Net sales for the six months ended June 30, 2009 were $16.2 million compared to $15.9 million in net sales in the comparative period of 2008. Gross profit for the six months ended June 30, 2009 was $2.2 million, or 13.5% of sales, compared to $1.4 million, or 8.9% of sales, for the comparative period of 2008.

Operating expenses for the six months ended June 30, 2009 were $6.5 million (40.0% of sales) compared to $6.1 million (38.6% of sales) for the same period last year. Other expenses, net, including interest and taxes were $40 thousand. Net loss for the six months ended June 30, 2009 was $4.3 million, or $0.11 per basic and diluted share, compared to a net loss of $4.7 million, or $0.12 per basic and diluted share, in the comparative period of 2008. Weighted average number of common shares outstanding used in computing basic and diluted per share amounts for the six months ended June 30, 2009 and 2008 were 37,927,320 and 37,637,129, respectively.

Balance Sheet:

Assets included cash and cash equivalents at June 30, 2009 of $3.4 million and accounts receivable (net) and costs and estimated earnings in excess of billings of $7.5 million. Inventory was $6.6 million. Total assets were $21.3 million while total liabilities were $15.7 million. Common shares outstanding at June 30, 2009 were 37,943,826.

Recent Company Highlights:

* The Company began installation on the 3.5 megawatt P.V. system at Aerojet in Rancho Cordova, CA. The first year environmental benefits of this system equate to offsetting approximately 8,270,000 car miles driven or the clean air benefits realized from planting 976,520 trees.
* Solar Power, Inc. extended its global sales of its solar products to Europe and Australia and signed sales representation agreements with agents in the Balkans and Greece.
* The Company completed one of Georgia’s largest solar systems and the second solar site for Cox Enterprises.
* Utilizing 3,300 173-watt Solyndra panels, the Company was awarded, and began installation of its first Solyndra solar system at Costco in New Jersey with completion scheduled for the third quarter of 2009.
* Two of the Company’s 200-watt modules were ranked number one and number two in comparative performance ratings awarded by the California Energy Commission (“CEC”). In April of 2009, Solar Power Inc. announced another of its 200-watt modules had been ranked number three by the CEC.

Management Comments:

“The second quarter of 2009 began to show the improvements in the solar market that we have been planning for,” said Steve Kircher, CEO of Solar Power, Inc. “The lack of available credit in the second quarter continued to make solar projects requiring financing difficult to complete. In spite of this, we successfully sold products and projects for cash into the solar markets and due to favorable pricing trends in silicon we were also able to increase our gross margin.”

“We commenced construction on our 3.5 megawatt project at Aerojet and our 500 kW system for Costco using Solyndra modules. That job will be completed in the third quarter,” Mr. Kircher continued.

(more…)

July 13, 2009

Aerojet’s Sacramento Employees Will Receive Generous Discounts on Yes! Solar SolutionsTM Solar Home Energy Systems

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

Solar Power, Inc. and Aerojet Launch Employee Solar Discount Program, Extending GenCorp’s Sustainability Initiative

Monday July 13, 2009, 6:00 am EDT

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (“SPI”) (SOPW) and Aerojet, a GenCorp (GY) company, announced jointly today that they have launched a discount program on photovoltaic (“PV”) solar home energy systems for employees of Aerojet’s operations in Sacramento. The Aerojet Solar Advantage Program will be serviced by Yes! Solar SolutionsTM, a wholly owned subsidiary of Solar Power, Inc. and will provide Aerojet employees with a special discount on SPI’s proprietary line of Yes! Solar Solutions integrated home energy systems. When coupled with the current Federal Investment Tax Credit and California Solar Initiative rebate, the discount reduces the total system cost by up to 60%, providing the 1,600 Sacramento Aerojet employees with cost-effective opportunities for reducing or eliminating home electricity costs.

In addition to helping employees mitigate rising electricity costs, the program also provides a way for Aerojet to indirectly extend the environmental benefits produced by its 3.5 megawatt solar system, currently under construction. 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 scope of this project will yield major cumulative life-cycle environmental offsets.

“The Aerojet Solar Advantage Program is a significant addition to both our sustainability initiative and our employee benefits offering,” said Scott Neish, President of Aerojet. “By providing our Sacramento employees with access to discounted solar systems for their homes, we are extending to them our Company’s commitment to solar energy solutions, while also providing them with a deeply discounted hedge against rising electricity costs. This program is a win-win for all involved.” Under the sustainability initiative, Aerojet has decreased the Company’s carbon footprint by instituting initiatives to track and improve energy usage and transportation practices, and is implementing conservation measures and recycling programs at many of their facilities across the country. Aerojet has also established a sustainability council comprised of employees from all Aerojet locations to evolve the sustainability program.

“We are not aware of another employee program like this in the U.S.,” said Steve Kircher, CEO of Solar Power, Inc. “It is a pleasure to work with a forward thinking company like Aerojet to develop and launch this innovative program. As more businesses around the world follow their example and adopt sustainability initiatives, providing employees access to discounted renewable energy to power their homes will no doubt become a more widely implemented form of employee benefit.”

Installation of Aerojet’s 3.5 megawatt system is now underway and on track for completion in November of this year.

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.

June 23, 2009

Solar Power, Inc.’s 200-watt Class Module Receives Number One PTC Ratings From California Energy Commission

Filed under: SOPW — Tags: , , , , — Jason @ 9:31 am

Solar Power, Inc.’s 200-watt Modules Now Hold Top Three Performance Rankings

Tuesday June 23, 2009, 9:31 am EDT

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (“SPI”) (SOPW) announced today that two of its 200-watt modules, have been ranked number one and number two in comparative performance ratings awarded by the California Energy Commission (“CEC”). In April, SPI announced another of its 200-watt modules had been ranked number three by the CEC.

Solar Power, Inc. currently sells three versions of its 200-watt module. Each of SPI’s modules has been tested using the Photovoltaic USA Test Conditions (“PTC”) to achieve the PTC rating that is the basis for their comparative rank. At present, the CEC lists 13 modules within the 200-watt category that have been tested using the PTC test conditions. Solar Power, Inc.’s SP200 modules currently hold rankings in the numbers one, two and three positions placing them squarely at the top of their class. The performance difference between SPI’s number-one ranked 200-watt module and the fourth-ranked competing module is 1.7%.

SPI’s modules are tested to evaluate performance characteristics by the independent, Nationally Recognized Testing Laboratory, Intertek located in Lake Forest, CA. PTC ratings provide a measurement of how modules will behave in real-world conditions and is widely recognized by solar professionals as the best way to compare module performance. PTC test results are used by the CEC to rank and rate solar module performance for the CEC’s SB1 Guidance Listings. PTC values on this list are calculated using strict laboratory tests to establish comparative rankings. Higher performance ratings translate into greater rebates for home and business owners when installing solar systems within the state of California. The CEC’s SB1 listing of modules reflecting these new rankings will be published in early July.

“These most recent rankings by the CEC demonstrate our commitment to quality and performance,” said Steve Kircher, CEO of Solar Power, Inc. “California has historically been a trend setter and the state’s adoption of solar energy is no exception. The standards and practices that are being applied to solar in California are being adopted in other states as well. We are very pleased to see our modules achieve consistently superior performance evaluations under rigorous test conditions,” Mr. Kircher concluded.

All SPI modules are UL-listed for the US market and IEC-rated for the European market. The SP200 modules are also sold through the company’s growing U.S. national franchise network of Yes! Solar SolutionsTM retail energy outlets under the Yes! Solar SolutionsTM brand name. Additionally, Solar Power, Inc.’s SP200 modules are sold throughout Europe, Asia and Australia for both residential and commercial solar energy systems. The SP200 modules are featured in the arrays atop the STAPLES Center and Nokia Theatre in Los Angeles and 18,000 of the highly rated modules will be used in the 3.5-megawatt Aerojet installation now under construction in Sacramento, California.

June 18, 2009

Solar Power, Inc. Enters Into Agreement with Australian Solar Developer, Beyond Building Systems to Purchase Solar Modules

Filed under: SOPW — Tags: , , — Jason @ 11:45 am

Exclusive Two-Year Supply Agreement Calls for a Minimum of 5.7 Megawatts of Solar Power, Inc.’s Modules with Shipments to Begin Immediately

Thursday June 18, 2009, 11:45 am EDT

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (“SPI”) (SOPW) announced today that it has entered into an exclusive agreement with the Australian solar developer Beyond Building Systems Pty Ltd. (“BBS”) for the purchase of SPI’s 170 – 220-watt solar modules. The agreement provides BBS with exclusive access to SPI’s highly rated panels for use throughout Australia. The two-year supply agreement calls for a minimum purchase of 5.7 megawatts of SPI modules with shipments commencing in June.

“We are very pleased to engage with Beyond Building Systems as a key supplier of solar modules for their projects as they work toward meeting the demands of the growing solar market throughout Australia,” said Bradley Ferrell, President of SPI’s commercial sales division. “Our relationship supports the significant growth objectives BBS has in order to meet the installation demands of Australia’s national Solar Neighborhoods program,” Mr. Ferrell concluded. The agreement with Beyond Building Systems marks SPI’s entry into the Australian photovoltaic solar market as the company continues to expand its international presence.

“Our company’s remains focused on deploying high-quality solar solutions into Australia’s growing solar market,” said Henrih Horthy, CEO of Beyond Building Systems. “Solar Power, Inc. and Beyond Building Systems share common core values and a commitment to high-quality products. These are key attributes we look for in a strategic relationship. We look forward to a long and successful relationship with the Solar Power, Inc. team.”

Beyond Building Systems is located in Byron Bay Australia. The company’s mission is to build affordable, high quality, energy efficient housing and infrastructure, fully equipped to meet the global challenges of an ecologically and economically sustainable future. Renewable energy has been featured as an integral part of the design of their new homes since the company’s inception. Beyond Building Systems operates across Australia and in the USA, Pacific Rim and Asia.

June 16, 2009

Solar Power, Inc. Enters Into 2-Megawatt Product Supply Agreement with German Installer of Residential and Commercial Solar Systems

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

Bayer and Raach to Purchase Solar Power, Inc.’s Modules and SkyMountTM Commercial Rooftop Systems

Tuesday June 16, 2009, 6:00 am EDT

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (“SPI”) (SOPW) announced today that it has executed a supply agreement with Bayer and Raach, a German solar installation company serving the residential and commercial market segments throughout Germany and Southern Europe. The two-megawatt agreement calls for SPI to provide one megawatt of SPI’s 200-watt modules and one megawatt of modules with SPI’s proprietary SkyMountTM commercial mounting system. SkyMountTM is designed for minimal or non-penetrating commercial rooftop applications.

“We look forward to providing the Bayer and Raach team with our products. They have built a superb reputation on the quality of their installations throughout their market area. We are very pleased to have our products become an integral part of the systems they are building,” said Bradley Ferrell, President of SPI’s Commercial Sales Division. “This supply agreement further extends our penetration into the European market and adds incremental reach into the German market, which is currently one of the most significant markets for solar anywhere,” Mr. Ferrell concluded.

SPI continues to make significant strides in 2009 advancing its international sales strategy through sales of its modules and proprietary commercial systems, SkyMount and Peaq solar canopies. As a firm engaged in the practice of renewable energy consulting, as well as planning and installation of photovoltaic systems, Bayer and Raach is ideally positioned to sell SPI’s products throughout the company’s European market area. Bayer and Raach serves Germany, Italy, and recently expanded into the Czech Republic and Slovenia.

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.

June 3, 2009

Solar Power, Inc. Sells Two More Yes! Solar SolutionsTM Franchise Territories. Celebrates Grand Opening of First East Coast Energy Outlet.

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

Bozeman, Montana and Pueblo, Colorado to Be Served by the Two Newest Yes! Solar Solutions Energy Outlets.

Wednesday June 3, 2009, 6:00 am EDT

ROSEVILLE, Calif.–(BUSINESS WIRE)–Yes! Solar, Inc., a wholly owned subsidiary of Solar Power, Inc. (SOPW), announced today that it has executed franchise agreements for two additional territories within the states of Colorado and Montana. The newest territories in the Yes! Solar SolutionsTM retail network of are located within Pueblo, Colorado and Bozeman, Montana. The two territories extend national coverage of the growing retail solar franchise network and will introduce the Company’s unique solar energy offerings to approximately 95,000 homeowners as well as the many small businesses within these territories.

The Bozeman, Montana franchise will be operated by owners John and Theresa Huyser, long-time residents of the area. Theresa will manage sales and marketing, while John will focus on managing day-to-day operations. “We look forward to providing our friends, families and the community where we live with a clean, reliable and cost-effective alternative to utility-sourced electricity,” said Ms. Huyser. “The Yes! Solar Solutions franchise business model is a perfect fit for us and our environmentally minded community members.” The Bozeman franchise territory harbors approximately 50,000 owner occupied dwellings and numerous businesses throughout its territory where many residents are engaged in leading green lifestyles.

The Yes! Solar Solutions Pueblo, Colorado territory will be operated by Harvestech, LLC, which is owned by Jared Johnson and Robert Harford. Mr. Johnson is President of Harvestech, LLC and will serve as General Manager of the Yes! operation. Mr. Harford will manage sales efforts. “We will be serving an area that harbors approximately 45,000 owner-occupied homes in a state that offers very generous incentive programs to mitigate rising electricity costs,” said Mr. Johnson. “This Yes! Solar Solutions franchise provides us with a true win-win offering. We are providing the resident of the communities we will be serving with a means to become energy independent while they realize cost benefits and help the environment,” Mr. Johnson concluded.

Both of these Yes! Solar Solutions franchisees are scheduled to begin operations in June, 2009.

In related Yes! franchise developments, Yes! Solar Solutions of the Triangle, North Carolina held its grand opening on May 2 to a warm reception by the local community. The newest energy outlet in the Yes! Solar Solutions franchise network received a great turnout of visitors to their energy outlet’s celebration. “We have a terrific location in the heart of Cary and we couldn’t be more pleased with the way our grand opening went,” said Kathy Miller, one of the partners of the Cary, North Carolina Yes! energy outlet. “Our store looks beautiful and is doing a wonderful job showcasing the many benefits a Yes! home energy system delivers.”

“These two recent additions and the opening of our Cary, North Carolina extend our national reach and add to the experienced group of business professionals operating our energy outlets,” said Jeff Pontius, Executive Vice President for Yes! Solar, Inc. “We look forward to serving the home and business owners within our expanding reach with our solar energy system solutions and a growing number of solar product innovations.” Yes! Solar, Inc. is actively seeking franchisees across the nation to serve a growing interest in and demand for residential and commercial solar energy solutions.

May 27, 2009

Solar Power, Inc. Enters into Sales Representation Agreement with Peja Stojakovi’s Global Energy Services for Solar Product Sales in Greece and the Balkans

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

NBA Star to Join Solar Power, Inc. for Kick-Off at InterSolar 2009 in Munich

Wednesday May 27, 2009, 6:00 am EDT

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (“SPI”) (SOPW) an international manufacturer, designer, distributor and installer of photovoltaic (PV) solar systems announced today that they have entered into an agreement with Global Energy Services (GES) to represent SPI’s unique line of solar products throughout Greece and the Balkans. Global Energy Services is NBA star Peja Stojaković’s newly formed company, dedicated to bringing affordable, renewable energy solutions to the region. GES will serve as the exclusive representative of SPI’s product line that includes highly efficient solar modules, SkyMountTM non-penetrating commercial mounting system and PeaqTM, SPI’s proprietary solar canopy system for covered parking areas. Peja will be present this week at Solar Power, Inc.’s exhibit, booth stand A2.557, at InterSolar 2009 in Munich, Germany.

“We are very pleased that Peja and his Global Energy Solutions organization have joined with SPI as we expand our international distribution network into a part of the world where demand for solar is growing rapidly. Peja’s remarkable career in the NBA and his outstanding leadership skills makes him a perfect ambassador for solar energy and Solar Power, Inc.’s proprietary line of innovative solar products,” said Steve Kircher, CEO of Solar Power, Inc. “Peja and the team he’s put together at GES are very strong and we couldn’t be more excited about the opportunities they are developing throughout their territory.”

Peja Stojaković has been in the NBA for ten years. A majority of his NBA career was with the Sacramento Kings where he was a star player and leading scorer. Mr. Stojaković continues to distinguish himself as small forward for the New Orleans Hornets. The GES organization will deploy renewable energy solutions to the Balkans and Greece and be the exclusive Solar Power, Inc. representative throughout the region. “Solar Power, Inc. has an innovative line of photovoltaic solar energy products that are associated with very high-quality products and performance standards,” said Stojaković. “These are the standards I have built my career on and they have served me well. I look forward to a long and successful relationship with the SPI team.”

Solar Power, Inc. and the GES team, including Peja Stojaković, will be present this week at Europe’s largest solar trade show, InterSolar 2009 in Munich, Germany. SPI’s line of innovative solar products will be represented at the show. Visitors can learn more about the SPI and GES relationship and meet Peja at SPI’s exhibit in hall A2 at booth stand 557.

May 18, 2009

Costco Awards Solar Power, Inc. Contract for New Jersey Solar Installation

Filed under: SOPW — Tags: , , — Jason @ 12:19 pm

The 500 kW System Will Incorporate New Solyndra Panels and Will Be the Largest Solyndra Installation to Date

Monday May 18, 2009, 12:19 pm EDT

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (“SPI”) (SOPW) an international manufacturer, designer, distributor and installer of photovoltaic (PV) solar systems has been awarded a contract by Costco to design and install a 500kW AC system at Costco’s Hazlet, New Jersey retail store. The system will be designed by Solar Power, Inc. to utilize the innovative new Solyndra panels that depart from traditional silicon-based technology. Solyndra panels’ unique cylindrical modules capture sunlight across a 360-degree photovoltaic surface capable of converting direct, indirect, and reflected sunlight from the roof’s surface into electricity. The installation will be the single largest commercial PV solar system to date that incorporates Solyndra panels.

“We are very pleased to have been selected for this project and look forward to producing an outstanding system for one of America’s leading retailers. The Costco organization is a fantastic team to work with,” says Bradley Ferrell, President of Solar Power, Inc.’s commercial sales division.

Costco’s retail facility is located in Hazlet, New Jersey and is one of twelve Costco retail warehouses serving the state. The system Solar Power, Inc. is designing will utilize 3,300 173-watt Solyndra panels and a 500kW Advanced Energy inverter. Installation is scheduled for completion at the beginning of the third quarter of 2009. “The Costco relationship represents yet another example of our repeatable footprint development strategy,” said Steve Kircher, CEO of Solar Power, Inc. “By providing companies with a low-cost formula for deploying solar wherever needed across their enterprise we can leverage economies of scale for our client partners while we build a solid book of business for our company,” Kircher concluded.

May 14, 2009

Solar Power, Inc. Announces First Quarter 2009 Financial Results

Filed under: SOPW — Tags: , , , , , — Jason @ 4:10 pm

Thursday May 14, 2009, 4:10 pm EDT

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (SOPW), an international vertically integrated manufacturer of photovoltaic (PV) modules, balance-of-system components, and marketer, designer and installer of PV solar electric systems for commercial, public and U.S. residential customers today announced results for the first quarter ended March 31, 2009.

First Quarter of 2009 Results:

Net sales for the first quarter of 2009 were $5.8 million compared to $5.8 million in net sales in the first quarter of 2008. This is attributed to a slowdown of the global economy and a lack of credit in both commercial and residential solar market segments.

Gross profit for the first quarter of 2009 was $633 thousand, or 11.0% of sales, compared to $33 thousand, or 0.6% of sales, for the first quarter of 2008.

Operating expenses for the first quarter of 2009 were $3.3 million (57.2% of sales) compared to $2.8 million (48.3% of sales) for the same period last year. Other expenses, net, including interest and taxes were $14 thousand. Net loss for the first quarter of 2009 was $2.7 million, or $0.07 per basic and diluted share, compared to a net loss of $2.8 million, or $0.07 per basic and diluted share, in the first quarter of 2008. Weighted average number of common shares outstanding used in computing basic and diluted per share amounts at March 31, 2009 and 2008 were 37,913,965 and 37,594,538, respectively.

Balance Sheet:

Assets included cash and cash equivalents at March 31, 2009 of $1.9 million and accounts receivable and costs and estimated earnings in excess of billings of $5.0 million. Inventory was $5.6 million. Common shares outstanding at March 31, 2009 were 37,933,826.

Recent Company Highlights:

* The Company secured approximately $23 million in new contracts for commercial sales that include Aerojet, Costco and Cox Enterprises.
* The Company sold and shipped one megawatt in modules to Conergy Korea
* The Company’s SP200 module has been ranked number three by the California Energy Commission (“CEC”), placing it in the upper echelon of top performing modules within its class on the market today.
* The Company signed three new franchisees; Pueblo, Colorado, Helena/Yellowstone, Montana and Central Sierra, California territories.
* The Company’s first east coast franchisee completed the build out of its Cary, North Carolina retail energy outlet and officially opened for business.
* The Company filed patent applications for two new product designs.

Management Comments:

“The first quarter of 2009 was challenging for most solar companies and we were no exception,” said Steve Kircher, CEO of Solar Power, Inc. “The lack of available credit hampered solar system construction in general, while the credit crisis in Europe along with significant weather issues sharply affected sales to the region.”

“Despite challenging market conditions, our pipeline of projects remains strong. Over the last 3 months we have won approximately $23 million in commercial projects that we will be building this summer. Among these wins is a 3.5-megawatt system for Aerojet, a 500-kilowatt system for Costco and two follow-on projects with Cox Enterprises. Each of these recent wins represents continued successful execution of our repeatable footprint commercial business development strategy,” Mr. Kircher concluded.

(more…)

May 4, 2009

Solar Power, Inc. Completes One of Georgia’s Largest Solar Systems and Second Solar Site for Cox Enterprises

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

Solar Power, Inc. Helps Advance Company’s “Cox Conserves” Sustainable Initiative Nationwide

Monday May 4, 2009, 6:00 am EDT

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (“SPI”) (SOPW) has completed the installation of another photovoltaic (“PV”) energy system for Cox Enterprises, Inc. at its Manheim DRIVE Center facility. The facility is a first-of-its-kind innovation center for automotive remarketing consisting of 165,000 square feet of space that serves as a place for the company to test new ideas and technologies, as well as for events and training sessions. The site also processes the sales of 1,100 automobiles per day through live and video auctions. The innovation and auction facility is located in Stockbridge, Georgia. According to Georgia Power, the 112 kilowatt DC (“kW”) system will be the largest commercial photovoltaic solar system in the state of Georgia.

This is the second in a series of PV solar systems SPI has designed and installed for Cox Enterprises, and also represents another major stride for the Cox national environmental initiative, Cox Conserves. Cox Enterprises put the company-wide sustainability initiative in place to reduce the company’s carbon footprint or greenhouse gas emissions 20% by the year 2017. The initiative also calls for 10% of companywide electric energy to come from renewable energy forms. PV solar plays an important role in helping the company achieve its goals.

“We are very happy to continue working with Cox Enterprises as they roll out their national program embracing sustainable and renewable practices. This is the second major system we have executed for them and we have similar projects underway to help them further advance their Cox Conserves initiative,” said Bradley Ferrell, President of Solar Power, Inc.’s commercial development division. “Cox Enterprises is a leader among the growing number of corporations who have begun to embrace and deploy sustainability initiatives and lead by example in the process. It is a privilege to continue to work with the Cox team as we help them achieve their economic goals and environmental initiatives through photovoltaic solar systems at their facilities across the United States.”

The 112 kW system is Cox Enterprises’ second commercial-grade photovoltaic installation and features 560 200-watt roof-mounted solar modules covering 10,000 square feet, and a highly efficient 95-kilowatt inverter. “Just as when we installed the 100.8 kW system for the company’s Cox Communications division cable telecommunications facility in Rancho Santa Margarita, California, we worked closely with the Cox team to ensure a seamless integration of the system without any interruption in operations. We were able to complete both of these projects on time and on budget,” said Ferrell. “We look forward to identical outcomes for additional projects as we continue to work together toward advancement of their Cox Conserves program throughout all of their areas of operation across the country,” Mr. Ferrell concluded.

April 15, 2009

Solar Power, Inc.’s SP200 Modules Receive Stellar Efficiency Rating from California Energy Commission

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

The SP200 Module is Ranked Among Top Three Most Efficient Multi-Crystalline Modules Currently Available Yielding Higher Rebates from the California State Rebate Program

Wednesday April 15, 2009, 6:00 am EDT

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (“SPI”) (SOPW) announced today that its 200 watt modules have been given one of the highest performance ratings awarded by the California Energy Commission (“CEC”). The Modules were tested by Intertek, an independent, Nationally Recognized Testing Laboratory (NRTL) to determine real world performance characteristics. The test results are used by the CEC to rank and rate solar module performance for the CEC’s California Solar Initiative (CSI). Solar panel performance and output are an important part of the CSI rebate program. A higher performance rating qualifies for greater rebates on the part of home and business owners installing solar systems within the state of California.

“We are very pleased with the performance rating our SP200 module has been awarded by the CEC,” said Jack Patton, Chief Technology Officer for Solar Power, Inc. “The California solar market is growing, and having one of the top performing modules to offer Californians is significant. Our modules are being used across the state in a variety of applications that cover the spectrum of users from homeowners to commercial enterprises that include the STAPLES Center and Nokia Theatre in Los Angeles. This ranking is a reflection of our dedication to quality and is beneficial to all of our customers.”

Solar Power, Inc.’s SP200 multi-crystalline module was tested under strict controls using Photovoltaic USA Test Conditions (“PTC”) at the Intertek laboratories in Lake Forest, CA to achieve the PTC rating. The PTC rating provides a measurement of how the module will behave in real-world conditions and is widely recognized by solar professionals as the best way to compare module performance. The CEC currently lists 20 modules that have been tested using the PTC test conditions. Solar Power, Inc.’s SP200 module is ranked number three by the CEC, placing it in the upper echelon of top performing modules within its class on the market today. The PTC performance ratings among the top three modules are tightly clustered. The performance difference between the number one ranked module and Solar Power, Inc.’s SP200 is one-third of one percent.

All SPI modules are UL listed for the US market and IEC rated for the European market. The SP200 modules are also sold through the company’s growing U.S. national franchise network of Yes! Solar SolutionsTM retail energy outlets under the Yes! Solar SolutionsTM brand name. Additionally, Solar Power, Inc.’s SP200 modules are sold throughout Europe and Asia for both residential and commercial solar energy systems.

March 24, 2009

Solar Power, Inc. Announces Fourth Quarter and Year-End 2008 Results

Filed under: SOPW — Tags: , , , , — Jason @ 4:10 pm

2008 Revenue Reaches Record $47.4 Million, up 161% Year-over-Year, with 4Q Revenues of $11.9 Million

Tuesday March 24, 2009, 4:10 pm EDT

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (SOPW), a vertically integrated manufacturer of photovoltaic (PV) modules and marketer, designer and installer of PV solar electric systems for commercial, public and residential customers in the United States today announced results for the fourth quarter and year ended December 31, 2008.

“Despite the uncertainties of the US solar market in 2008, we were able to more than double our business from 2007,” said Steve Kircher, CEO of Solar Power, Inc. “During the year, we added the international sales channel to our business model resulting in over $20 million in module sales to international customers. Our U.S. residential franchise business, YES! Solar Solutions signed its first franchisees during the year and is well positioned for rapid expansion. In the U.S. commercial market, we deployed our SkyMountTM proprietary racking on the roof of the Staples Center and Nokia Theater. Our pipeline of business opportunities remains strong as we continue to expand our customer base,” added Mr. Kircher. “Backed by the expertise of an experienced, diverse and complete management team, we are well positioned to capitalize on the new solar incentives for the U.S. market.”

Recent Company Highlights:

* For the full year of 2008 revenues increased 161% to $47.4 Million
* During the fourth quarter, the Company installed 3,344 solar modules to power the Marshall Medical Center
* The Company introduced ClickRack™, which utilizes a revolutionary low-profile mounting system that reduces installation time and is the backbone of the Yes! Mosaic™ residential photovoltaic (PV) solar home energy systems.
* The Company completed the installation of new photovoltaic (PV) solar electric systems to provide a combined 512 kilowatts of solar power to STAPLES Center and NOKIA Theatre L.A. LIVE. Governor Schwarzenegger presided over the STAPLES Center rooftop ceremony on October 28, 2008.
* The Company executed five Yes! Solar Solutions franchise agreements in 2008.

Fourth Quarter of 2008 Results

Net sales for the fourth quarter of 2008 were $11.9 million, an increase of 153%, compared to $4.7 million in net sales in the fourth quarter of 2007. On a year-over-year basis, growth in the fourth quarter is attributed to commercial solar construction, direct module sales, and residential solar installations from the Company owned franchise store.

Gross profit for the fourth quarter 2008 was $295 thousand, or 2.5% of sales, compared to $530 thousand, or 11.3% of sales, in the fourth quarter of 2007. On a year-over-year basis, the decline in gross margin reflects increased costs associated with installation and increased solar cell costs.

Operating expenses for the fourth quarter of 2008 were $3.2 million (27% of sales) compared to $3.2 million (68% of sales) for the same period last year. Other expenses, including interest and taxes were $170 thousand. Net loss for the fourth quarter of 2008 was $3.1 million, compared to a net loss of $2.7 million, in the fourth quarter of 2007.

(more…)

January 30, 2009

Solar Power, Inc. Receives Follow-on Order from German Solar Integrator

Filed under: SOPW — Tags: , , , — Jason @ 10:49 am

Friday January 30, 10:49 am ET

Trial Order of Solar Power, Inc.s Solar Modules in 2008 Leads to $1.7 Million Order for Delivery in First Quarter.

ROSEVILLE, Calif.–(BUSINESS WIRE)–Solar Power, Inc. (“SPI”) (SOPW), a vertically integrated designer, manufacturer, and installer of photovoltaic (“PV”) energy systems announced today that it has received an additional order from a German solar integrator for the company’s 200-watt solar modules. On January 6th, SPI announced that an initial supply of the modules was shipped to the integrator during December, 2008. The initial product supply was well received from a quality and performance perspective, forming the basis for the order now in place.

“This order is significant as SPI continues to aggressively develop inroads into the European market,” said Bradley Ferrell, President of SPI’s Commercial Sales Division. “Our customer was obviously very happy with the performance and quality of our products in their initial trials, and has elected to engage with us on an ongoing basis. We believe our recent IEC certification and this order provide validation for our global sales, marketing and product development strategies. As a leading manufacturer and supplier in the world market for PV energy systems, we also believe our product quality and innovations, uniquely position us to continue to build global market share,” Mr. Ferrell concluded.

Product innovations and a growing body of well known commercial clientele continue to distinguish SPI. In 2007, SPI introduced its minimal or non-penetrating SkyMountTM commercial racking system for commercial roof-mounted arrays. SkyMount was most recently used at The STAPLES Center and the Nokia Theatre Live in Los Angeles, enabling the installation of more than 2,500 solar modules in just one week. SPI’s Peaq´TM elevated solar array systems, introduced earlier this month, now provides commercial enterprises with a means to significantly extend the footprint available to them for PV solar arrays in order to meet both financial and energy generation goals, while providing customers protection from heat and inclement weather.

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