SPI Closes US $20 Million Sale

Solar Power, Inc. (SPI) has entered into an agreement with a Korean distributor for the sale of 5 megawatts (MW) of the company’s SP200 solar modules. The modules will be used as part of a 10-MW solar park currently under development near Seoul, South Korea.

The modules will be delivered in a series of shipments beginning in June and concluding in August 2008. SPI has received a letter of credit underlying the financial terms of this transaction and has started processing the first scheduled shipment.

“As we continue to grow our business, working with a select group of companies, like our Korean partner, will allow us to further ramp factory output,” said Steve Kircher, CEO of SPI. “Working directly with distribution and integration companies across Asia and Europe is a complement to our U.S. business plan and a key part of our long-term business growth strategy.”

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