Solar Power Inc. Seals 75-MW Solar PV Sales Deal with Solarmarkt

Solar Power Inc. (SPI) has signed a sales order agreement to supply German solar project developer Solarmarkt Sued Park with up to 25 megawatts (MW) of its 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 SkyMount commercial rooftop racking systems.

Under the agreement several megawatts of SPI solar modules and SkyMount racking are to be delivered to Solarmarkt during the remainder of 2009. The sales order agreement is set to extend through 2010 with product orders commencing immediately.

SPI also announced that it has entered into definitive agreements with institutional and accredited investors with respect to a private placement with gross proceeds of approximately US $12 million 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,” said Stephen Kircher, CEO of SPI. “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.

In connection with this financing, SPI has agreed to prepare and file a registration statement covering the resale of the common stock purchased by the investors in the private placement.

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