Solar Power (OTCBB: SOPW) had a loss of $2.4 million, or 2 cents a share, for the quarter compared to a $3.3 million loss, or 6 cents a share, in second-quarter 2010.
Revenue was up 37 percent to $14.9 million for the quarter, up from $10.9 million for second-quarter 2010. As for Solar Power Inc’s business plan, SPI has began construction on an 8-megawatt project near Palm Springs, and has announced it had been awarded a 1.69-megawatt project in New Jersey.
“While revenues continue to grow, the second quarter gross margins reflect legacy build costs that should improve as the benefits of the LDK supply chain and capital start to be reflected in our operations,” a press release said. “Our pipeline of projects is strong and the company remains well positioned to grow substantially over the remainder of 2011 and well into 2012.”
Besides, SPI and LDK entered into a three-year agreement with KDC Solar LLC of Bedminster, N.J., that could lead to $600 million of new business for the company, SPI announced in June. Under the agreement, SPI and LDK serve as KDC Solar’s preferred provider of engineering, procurement and construction and operations and maintenance services for a significant portion of its solar energy projects in New Jersey and New York. The agreement sets a goal for KDC Solar and SPI to potentially develop 300 megawatts in solar energy facility projects, with a minimum commitment of 150 megawatts.