Solar Power, Inc. (SPI) (OTCBB:SOPW) will provide a large Korean distributor and installer with 5 megawatts (MW) of the Company’s SP200 solar modules under a newly signed agreement.
The modules will be used as part of a 10 MW solar park currently under development North East of Seoul, Korea and 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 commenced 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 Solar Power, Inc. "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."
About Solar Power, Inc.
Solar Power, Inc. designs and manufactures its own line of photovoltaic modules and racking systems. Additionally, in the United States, SPI designs and installs commercial systems and serves the U.S. residential market through its growing Yes! Solar Solutions franchise network. The company is headquartered in Roseville, California.
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