SPI Solar to build 10 MW solar project in New Jersey for KDC Solar

Aug 16, 2011 - US photovoltaic (PV) projects developer Solar Power Inc (OTC:SOPW) yesterday said it had received an engineering, procurement and construction (EPC) contract for a 9.7 MW solar power system in New Jersey from KDC Solar.

The EPC deal is the first under the earlier announced three-year agreement between KDC Solar and its preferred EPC contractors SPI Solar and Chinese solar wafer maker LDK Solar (NYSE:LDK). The agreement envisages SPI to provide EPC services for 150 MW to 300 MW of solar projects for KDC. EPC and LDK will also provide construction funding and facilitate long-term financing of up to USD 750 million (EUR 521.4m) for the projects.

Under its first EPC contract with KDC, SPI will build the ground-mounted distributed-generation solar system on a land owned by KDC using LDK Solar modules. SPI will also provide long-term operations and maintenance services for the plant after its completion.

KDC will sell the system's output to an international pharmaceutical firm to power its onsite operations at its New Jersey headquarters located near the solar system at considerably lower prices via a long-term power purchase agreement (PPA).

(USD 1 = EUR 0.695)

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