Solar Power, Inc. (OTCBB: SOPW) has chosen a site in Sacramento County, California to establish a 50-megawatts (MW) manufacturing site.
Subject to finalization of building agreements, the facility will be located in theMcClellan Business Park. The Company has received an initial commitment of $24.7 million in Recovery Zone Facility Bonds (“RZFB”) from Sacramento County and plans to use the proceeds from the sale of these bonds to help finance renovation and outfitting of the manufacturing facility to build its solar panels.
A portion of the RZFB Bond proceeds, upon successful placement, will also go in part towards the development of a utility-scale photovoltaic solar system in Sacramento County that will exceed 10 MW and have an estimated value of $50 million.
“The addition of this renewable energy manufacturing facility is great news for Sacramento and the rest of the State because it will lead to more homes and businesses powered by sunshine while creating jobs in the clean-tech industry,” California Governor Arnold Schwarzenegger said about the decision.
The proposed manufacturing facility at the McClellan site will be approximately 100,000 square feet with an annual production capacity of 50 MW. It is estimated that the facility will bring 120 new construction jobs to the region during the 9-month construction period and 100 solar jobs upon completion.
Together with Solar Power, Inc.’s current manufacturing facility in China, the McClellan facility is expected to double the Company’s annual production capacity to 100 MW.
Solar Power, Inc. anticipates receiving the bond proceeds and beginning construction on the new headquarters and manufacturing facility in July with completion in early 2011.
Founded in 2005, Solar Power, Inc. is a vertically integrated solar that not only produes panels, but also designs and installs residential-, commercial- and utiliy-scale systems.
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