Solar Power, Inc. Receives Initial Commitment of $24.7 Million from $787 Billion from ARRA

On February 17, 2009, President Obama signed into law a $787 billion stimulus bill known as The American Recovery and Reinvestment Act of 2009 (ARRA). The RZFBs committed to Solar Power, Inc. are tied directly to the ARRA.

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.

"This type of development is precisely what the ARRA was intended to promote and will create new manufacturing jobs in Sacramento County," said Roger Dickinson, Chair of the Sacramento County Board of Supervisors. "Solar Power’s growth in Sacramento County reinforces our position as a leading location for the green technology companies," stated Rob Leonard, Director of Economic Development for Sacramento County.

Founded in 2005, Solar Power, Inc. is a vertically integrated developer which manufactures its own line of world-class solar modules and balance-of-system products. The Company designs, manufactures and delivers world-class photovoltaic solar systems to a global market of residential, business, government and utility customers.
 
Through its vertical integration, the Company manages all aspects of system development from material sourcing through post-installation system performance monitoring. 

www.solarpowerinc.net