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SPI Solar, Inc. (SOPW) to Build 11.3 MW Fixed Ground Mount Solar Energy Facility for Electricity in Southern New Jersey

|Includes: SPI Energy Co., Ltd. (SPI)

SPI Solar, a leading vertically integrated photovoltaic solar developer and engineering, procurement and construction services provider, today announced that it will design, engineer and construct an 11.3 MW fixed ground mount solar energy facility, which will provide solar generated electricity to the power grid in southern New Jersey. The solar energy facility will meet the state of New Jersey’s Renewable Energy Portfolio Standard (RPS), which is one of the most aggressive in the United States.

The contract was awarded to SPI Solar by Seashore Solar Development, LLC, a New Jersey based solar development company that is working to gather financing so construction can begin in the first quarter of 2012.

“This project is a perfect fit for us. It will allow us to leverage our talents in designing, engineering and constructing a world-class solar energy facility in one of the most exciting solar markets in the United States today,” said Stephen Kircher, CEO,SPI Solar in a press statement.

The SPI Solar project is expected to create approximately 200 jobs for the residents of Egg Harbor Township. “As residents of New Jersey, it is very rewarding to help our state reduce its dependency on fossil fuel-generated electricity by offsetting it with clean and sustainable photovoltaic solar electricity. Bringing jobs to the local area is a welcomed bonus,” said Matt Feinstone, Managing Member, Seashore Solar.

New Jersey is one of the fastest growing markets for solar photovoltaic in the United States. It is second only to California in terms of installed capacity and installations. According to New Jersey’s energy master plan, by 2020 the state expects to get 22.5% of its electricity from renewable sources of which solar power is the most prominent.

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