ROSEVILLE, Calif.--(BUSINESS WIRE)--Solar Power, Inc. (OTCBB:SOPW), announced today that it has entered into a contract to design, engineer, and construct a five-megawatt rooftop system for installation on the expansive White Rose, Inc. distribution warehouse located in Carteret, New Jersey and owned by private equity firm KTR Capital Partners. NuGen Capital Management, LLC (“NuGen”) and KDC Solar LLC, (“KDC Solar”) who have formed a joint venture to own and operate the system, selected Solar Power, Inc. for the Engineering, Procurement and Construction (EPC) of the project. In addition to performing as EPC contractor, Solar Power, Inc. will also monitor and service the power plant once completed. The system will feature Solar Power, Inc.’s SkyMount® racking system and the Company’s solar modules.
“This is a significant project for us,” said Steve Kircher, Chairman and CEO of Solar Power, Inc. “The White Rose installation will be one of the largest systems of its type in the nation. More importantly, the project allows us to continue to develop our presence and portfolio in the Northeastern U.S. It also provides our Company the opportunity to showcase the unique talents and abilities we offer - it’s a perfect fit for our products and our system design and construction expertise. We look forward to working with NuGen and KDC Solar as the project commences,” Mr. Kircher concluded.
“A project of this scope and scale requires a significant amount of research and due diligence on behalf of everyone involved. Ultimately, Solar Power, Inc.’s highly adaptable SkyMount® racking system coupled with its track record in the solar industry made a big difference,” said David Milner, CEO for NuGen, the project developer. “I am pleased to be working with Solar Power, Inc., and look forward to a continued relationship as NuGen develops additional opportunities throughout the Northeast.”
The White Rose Food building is located in Carteret, New Jersey and serves as White Rose Food’s corporate offices and as a major hub in its distribution network. White Rose Food serves supermarket chains, independent retailers and members of voluntary cooperatives, providing more than 18,000 food- and non-food products to more than 1,800 stores from Maryland to Connecticut. The company is the largest independent wholesale food distributor in the New York City and New Jersey metropolitan areas, which make up the biggest consumer market in the United States.
The project is scheduled to begin in January, 2011 and conclude early in the second half of the year.
About Solar Power, Inc.:
Founded in 2005, Solar Power, Inc. is a vertically integrated solar developer; the Company manages its value chain from material sourcing, to manufacturing, through post-installation asset management of its systems, and manufactures its own line of world-class solar modules and balance-of-system products. The Company designs, manufactures and delivers world-class photovoltaic solar systems to its business, government and utility customers. For additional information, including a copy of our most recent investor presentation, please visit us at: www.solarpowerinc.net.
About NuGen Capital Management, LLC:
NuGen Capital Management, LLC was founded in 2009 to develop, own and operate commercial scale solar systems. Working with large scale energy users and real estate owners, NuGen serves the long term energy and economic needs of its partners and clients. Based in Rhode Island, NuGen works in States where the renewable energy policies encourage job creation and energy sustainability through solar development.
About KDC Solar, LLC:
KDC Solar was initially founded as a subsidiary of Kamine Development Corp (“KDC”) which itself was established in 1985 to develop, construct, own, and operate co-generation natural gas fired power plants. KDC ultimately became one of the largest independently owned power producers in the New York/New Jersey area producing more than 600 MWs of electricity. KDC Solar is supported by an allocation of $225 million in equity from Diamond Castle Holdings, a New York-based private equity fund with more than $1.8 billion of committed capital under management. KDC Solar is striving to become one of the largest owners and operators of solar power projects in New Jersey and the Mid-Atlantic states by supplying commercial and industrial companies with significantly lower long-term electric costs. For more information please visit www.kdcsolar.com.
Safe Harbor Statement:
The earnings release and conference call may contain certain "forward-looking statements" relating to the business of Solar Power, Inc., its subsidiaries and the solar industry, which can be identified by the use of forward looking terminology such as "believes, expects" or similar expressions. The forward looking statements contained in this press release include statements regarding the Company's ability to execute its growth plan and meet revenue and sales estimates. These statements involve known and unknown risks and uncertainties, including, but are not limited to, general business conditions, managing growth, and political and other business risk. 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. Solar Power, Inc. 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.