Solar Power Inc. Gets US $24.7M in Recovery Zone Facility Bonds

Solar Power Inc. has received an initial commitment of US $24.7 million in Recovery Zone Facility Bonds (RZFB) by Sacramento County and is exploring plans to open a manufacturing facility within Sacramento County to build its solar panels.

The RZFBs committed to Solar Power Inc. are tied directly to the American Recovery and Reinvestment Act, which was signed into law last year by President Obama and committed more than $60 billion to renewable energy.

The company also announced today that it plans to begin development of a utility-scale photovoltaic solar system in Sacramento County. The system, which will be designed, engineered, and constructed by Solar Power Inc., will exceed 10 megawatts in electricity production capacity and have an estimated value of $50 million upon completion.

“Solar Power, Inc. has positioned itself to pursue the opportunities the federal stimulus plan offers,” said Steve Kircher, chairman and CEO for Solar Power Inc. “Expanding our manufacturing base to California will significantly enhance our ability to meet growing demand for our solar system development expertise and our top-ranked solar panels across the U.S.,” Mr. Kircher concluded.

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