SPI Solar (“SPI”) (OTCBB: SOPW), a leading vertically integrated photovoltaic (“PV”) solar developer and engineering, procurement and construction (“EPC”) services provider, announced that it has been awarded an EPC contract by Seashore Solar Development, LLC (“Seashore Solar”), a New Jersey-based solar development company. As EPC contractor, SPI will design, engineer and construct an 11.3 megawatt fixed ground mount solar energy facility (SEF) which will provide the southern New Jersey power grid with solar generated electricity.
The SEF will help meet the state of New Jersey’s Renewable Energy Portfolio Standard (RPS), which is one of the most aggressive in the United States.
In addition to helping the state reach RPS-related goals, the project will create approximately 200 local jobs during construction of the SEF. The SEF is scheduled to begin construction in the first quarter of 2012 upon closing of the project financing by Seashore Solar. “We look forward to working with SPI Solar on this large-scale project,” said Matt Feinstone, Managing Member with Seashore Solar. “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,” Mr. Feinstone concluded.
“This project is a perfect fit for us,” said Stephen Kircher, CEO of SPI. “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,” Mr. Kircher pointed out. “We look forward to breaking ground on this SEF and beginning work with Seashore Solar.”