Solar Power Inc. Contracted to Power Two Los Angeles Landmarks STAPLES Center and NOKIA Theatre LA LIVEAug 12, 2008
The world-famous venues go green with renewable PV solar power systems designed to reduce utility-sourced electricity and advance sustainable energy practices
Roseville, CA August 11, 2008-Solar Power, Inc. ("SPI") (OTCBB: SOPW) has entered into a design build agreement with venue owner-operators AEG to design and install photovoltaic ("PV") solar systems for two of the world's best known sports and entertainment venues; STAPLES Center and NOKIA Theatre L.A. LIVE. STAPLES Center serves as home to the L.A. Lakers, L.A. Clippers, L.A. Kings, L.A. Avengers and the L.A. Sparks, as well as a full schedule of special events and concerts featuring the most popular artists performing today. NOKIA Theatre L.A. LIVE, which opened on October 18th, 2007 directly across the street from the arena within the new L.A. LIVE sports, residential and entertainment district with six sold-out concerts featuring the Eagles and Dixie Chicks, has already hosted the ESPY Awards, the American Music Awards and American Idol finals in addition to a full schedule of concerts, trade shows and special events. Both venues are well known for their state-of-the-art technology, features and amenities that allow them to offer their guests the ultimate in live entertainment and sports experiences.
In addition to providing turnkey PV solar system design and installation services for the two facilities, Solar Power, Inc. will be installing their own line of PV solar modules featuring premium Motech Cells, known for their performance characteristics and high-efficiency. When completed, the systems will deliver a combined 512 kilowatts of power, reducing the venues' utility-sourced electricity requirements and advancing AEG's sustainable energy practices.
Installation of the first system is scheduled to begin at STAPLES Center in the beginning of October when the first of the 1,727 solar modules to power its new 345 kW PV solar system will be lifted 150 feet to the arena's roof. When completed, approximately 24,196 square feet of STAPLES Center's roof will be covered with SPI's SP200 PV modules. The solar arrays will become integrated with the venue's familiar, landmark "surfboard" rooftop feature bearing the STAPLES Center name. SPI's system design will also feature SPI's innovative SkyMountTM racking system.
The installation of the NOKIA Theatre L.A. LIVE's 167 kilowatt system is scheduled to begin in October soon after installation of the STAPLES Center system is underway. The 7,100 seat NOKIA Theatre L.A. LIVE will be home to 836 SPI photovoltaic modules covering approximately 11,663 square feet of its roof.
"We are very excited to be chosen for this project" said Steve Kircher, CEO of Solar Power, Inc. "STAPLES Center and NOKIA Theatre L.A. LIVE have continuously distinguished themselves as preeminent venues for sports and entertainment events. This project serves as an important extension of AEG's sustainable energy practices, and we are proud to play a significant part as they make a substantial commitment to energy independence and the environment. The environmental benefits of systems of this size, coupled with the cost savings they will deliver to AEG's operations, demonstrate the increasingly important role energy management is playing in business operations everywhere."
"Our investment to purchase these state-of-the-art solar energy systems for both STAPLES Center and NOKIA Theater L.A. LIVE, making them the first facilities of their kind to do so at this level, reaffirms our commitment to insuring that our venues are the most environmentally friendly in the industry," said Lee Zeidman, Sr. Vice President & General Manager, STAPLES Center and NOKIA Theatre L.A. LIVE. "The technology, expertise and experience that Solar Power, Inc. will provide us will dramatically advance both our sustainable energy initiatives while decreasing our carbon footprint."
About Solar Power, Inc.
Founded in 2005, Solar Power, Inc. is a vertically integrated solar energy solution provider offering the North American residential, commercial and public sector building markets a complete solution through a single brand. Solar Power, Inc. provides turnkey design-build solutions through its Roseville, California headquarters and a growing retail distribution network.
AEG, a wholly owned subsidiary of the Anschutz Company, is the world's largest investor in entertainment and sports facilities; the world's largest presenter of live sports and entertainment events; world's largest owner of sports teams and sports events; owner of the world's most profitable sports and entertainment venues; world's largest developer of sports and entertainment sponsorship and naming rights; has invested billions of dollars in sports, entertainment and media projects; and reaches billions of people each year through its facilities, events, music, theater, festivals, sports, films and media assets.
Motech Industries Inc. (formerly Meter International Corporation before 1998) was founded in 1981 as a designer and manufacturer of test and measurement instruments. The company entered into solar cell production in 1999, and is a pioneer in the manufacturing and marketing of high-quality single and multi-crystalline silicon solar cells in Taiwan. Today, the company is the largest solar cell manufacturer in Taiwan and one of the top ten manufacturers worldwide in terms of production capacity and output in 2007. "Modern Technology for a Sustainable World" is the company's motto to emphasize its strong dedication to developing a sustainable world and to encouraging the use of renewable sources of energy so that we, as citizens of the world, can breathe easier in the years to come. Motech is a publicly traded company on Taiwan's Over-the-Counter (OTC) market with the trading code of 6244.
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.
For additional information contact:
Mike Anderson, Vice President Marketing
Solar Power, Inc.
Ted Haberfield, Executive VP
HC International, Inc.
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