SOURCE: Pacific Edison

Pacific Edison

Pacific Edison

March 18, 2010 09:00 ET

Baldwin Park Unified School District Charts Course for a Brighter Future

School District Selects Solar Power, Inc. and Pacific Edison for a 2.24 Megawatt District-Wide Solar Project to Reduce Operating Costs

ROSEVILLE, CA and SANTA MONICA, CA--(Marketwire - March 18, 2010) -  Solar Power, Inc. ("SPI") (OTCBB: SOPW) announced today that the Company has been selected by Baldwin Park Unified School District ("BPUSD") to install multiple photovoltaic solar systems across its school district. The project, to be jointly developed by SPI and Pacific Edison, LLC ("PacEd") calls for eight individual systems to be installed at seven schools and at the BPUSD district office on SPI's innovative Peaq™ shade structures. The eight systems will comprise a total system size of 2.24 megawatts and produce approximately 3.246 million kilowatt hours of electricity during the first year of operation, delivering an estimated $22.6 million in energy cost savings and more than $5 million in performance-based incentive rebates to the school district over the next 25 years. Construction of the systems is scheduled to begin in the summer of 2010.

The project, initiated by BPUSD, involved an eight-person solar committee which sought qualified solar developers through a competitive-bid process, which ultimately resulted in the selection of a winning project team comprised of Pacific Edison and SPI. Pacific Edison provides solar consulting services for a wide variety of commercial and municipal property owners, including school districts. Once the team was assembled, SPI, Pacific Edison and BPUSD began developing a finance strategy for the project.

The district explored several structured financing alternatives, ultimately turning to Qualified School Construction Bonds (QSCBs), which are part of the $787 billion American Recovery and Reinvestment Act (ARRA) of 2009. The ARRA authorizes these special low-interest bonds for schools seeking to improve infrastructure. The team selected QSCBs as the optimal means of financing the solar systems for the district. QSCBs provide federal tax credits for bondholders in lieu of interest in order to significantly reduce an issuer's cost of borrowing.

"We were able to help the school district navigate its way through the complex solar project development process," said Dion Camp-Sanders, CEO of Pacific Edison. "BPUSD is showing real leadership that can be followed by other K-12 schools. Not only will the school district save millions of dollars on energy costs, but BPUSD will also provide its students with an opportunity to learn about the environmental benefits and career opportunities made possible by clean energy."

"This project has been a long time coming and we are very excited to be starting it at a time when it is needed most," said Mark Skvarna, Superintendent of Baldwin Park Unified School District. "This is exactly the type of cost-saving project most school districts are looking for today. Having partners like Solar Power, Inc. and Pacific Edison on our team has been fundamental to creating what I believe is a perfect solution for us and the community we serve. Not only will we be able to significantly reduce our operating costs and have a positive impact on the environment, we are freeing funds for our core mission -- educating our students," commented Mr. Skvarna. "The project will also have a beneficial economic impact on our community, creating many local jobs during construction. We couldn't be happier with this solution," Mr. Skvarna concluded.

The systems being designed and installed by Solar Power, Inc. will utilize Solar Power, Inc.'s innovative Peaq™ solar shade structures designed to provide covered parking while bringing solar electricity generation capability to the parking lots and play areas of the seven schools and the district office. The Peaq™ structures are architecturally significant additions to each of the school sites and will place the district's commitment to solar energy and the savings it provides in clear view. Peaq™ structures also incorporate energy efficient LED lighting for enhanced nighttime security and are engineered for easy retrofit to provide charging stations for electric vehicles as they become more common. In addition to providing weather protection, Solar Power, Inc's Peaq™ system also helps to mitigate the urban heat islanding effect which is caused by large areas of asphalt and is a contributor to global warming.

The project will yield positive economic impact. The solar panels and all of the steel used in the shade structures are produced in the USA. The construction projects will result in a large number of local green jobs for qualified workers within the San Gabriel Valley area. Many of these workers will be acquiring new skill sets from their experience that they can benefit from for years to come.

"We are uniquely qualified to excel in projects like this one," said Brad Ferrell, President of Business Development for Solar Power, Inc. "Our system designs are allowing the school district to achieve its fiscal goals at each of the schools at the lowest possible cost while also delivering significant benefit to the local community. The use of QSCBs to finance this development is ideal. This is exactly the type of project the American Recovery & Reinvestment Act was meant to empower."

About Pacific Edison, LLC:
Pacific Edison, LLC (PacEd) is the premier renewable energy project development and consulting firm serving sports and entertainment venues throughout North America. PacEd also delivers green energy solutions to school districts, hospitals, non-profits, and commercial property owners. PacEd enables clients to adopt onsite renewable energy and energy efficiency solutions with no upfront capital or operating risk. PacEd's range of project development and consulting services include conducting feasibility studies, arranging project financing, determining the most suitable renewable energy and energy efficiency solutions for each client's particular facilities, and negotiating contracts on behalf of clients with key counterparties, such as financiers, installers, and technology vendors. For more information, please visit us online at www.pacificedison.com.

About Solar Power, Inc.:
Founded in 2005, Solar Power, Inc. is a vertically integrated solar developer; the Company manages its value chain from material sourcing, to manufacturing through post-installation asset management of its systems and manufacturers 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 its residential, business, government and utility customers. For additional information visit: www.solarpowerinc.net.

Safe Harbor Statement:
This release contains certain "forward-looking statements" relating to the business of Solar Power, Inc., its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. The forward-looking statements contained in this press release include statements regarding the Company's ability to execute its growth plan and meet revenue and sales estimates, enter into formal long-term supply agreements, and market acceptance of products and services. These statements involve known and unknown risks and uncertainties, including, but are not limited to, general business conditions, managing growth, and political and other business risk. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in the Company's reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.

Contact Information

  • For additional information contact:

    Dion Camp-Sanders
    Pacific Edison
    310-396-5843
    Email Contact

    Mike Anderson, Vice President Marketing
    Solar Power, Inc.
    (916) 745-0916
    Email Contact

    Brion Tanous
    CleanTech IR, Inc.
    (310) 541-6824
    Email Contact