SPI Solar (“SPI”) (OTCBB: SOPW) a leading vertically integrated photovoltaic (“PV”) solar developer, has been engaged by a subsidiary of KDC Solar LLC (“KDC Solar”) for a 6.8 MW ground mounted solar facility to be constructed in Middlesex County New Jersey. SPI Solar (“SPI”) will provide construction management services and project financing in accordance with the terms of the Preferred Provider Agreement between KDC and SPI announced in June 2011. The solar facility will be constructed with approximately 26,000 high-efficiency solar panels supplied by SPI and manufactured by LDK Solar Ltd. When completed, the solar energy project will generate approximately 8,450,000 kilowatt hours of solar electricity per year and supply 100% of the electric power needs for the facilities located on the site. The project marks the third engagement resulting from SPI’s Preferred Provider Agreement with KDC Solar in as many months.
Once operational, savings from the project for Middlesex County will escalate from $725 thousand to $1.15 million annually over the 15-year term of the power purchase agreement. Subject to obtaining the necessary permits, construction is scheduled to begin early next year, with the objective that the project should be fully operational in the third quarter of 2012.
“This project exemplifies the importance of our alliance with KDC Solar as we jointly continue to deliver state-of-the-art solar energy facilities which help businesses, government and institutions reduce their energy costs,” said Steve Kircher, CEO of SPI Solar. “We look forward to working with KDC Solar on this important project.”
“We are excited about the opportunity to provide the County of Middlesex and the citizens of Middlesex with clean, low cost, long-term solar energy,” said Hal Kamine, KDC Solar’s CEO. “This solar facility is another example of Middlesex County’s commitment to clean energy in which it has been a leader and is likewise consistent with KDC Solar’s commitment to “behind-the-meter” solar electric systems for businesses, governments and institutions in New Jersey.”
Source: SPI Solar (“SPI”) (OTCBB: SOPW)