Solar Power Partners Closes $160 Million In Financing

MILL VALLEY, Calif., Sep 29, 2008 (BUSINESS WIRE) -- Solar Power Partners, Inc. (SPP), a leading national commercial solar energy services provider, announced it has closed close to $100 million of equity and debt financing to date. Additionally, SPP expects to close an additional $60 million in committed project financing in 2008; these additional funds will be used for development of solar energy facilities and associated asset management services. SPP's investors and lenders include: United Commercial Bank, Globespan Capital Partners, The Enlightened World Foundation, Carrelton Asset Management, Dry Creek Ventures, Silicon Valley Technology Group, and most recently, Energy Investors Funds, a leading private equity investor in the US power market, among others. Proceeds from the various financings are for nationwide corporate expansion, project development, and equity participation in SPP's proprietary special purpose vehicle solar energy funds.

Lagunitas School District To Host Solar Facility

The Lagunitas School District will unveil a new solar facility this August, showing how sustainable energy in California schools can become a reality. Solar Power Partners, Inc. (SPP(TM)) a Mill Valley, California-based renewable energy company, developed the solar facility that will be hosted at the Lagunitas School District and that will provide an estimated 65% of the school's annual power needs. The school district entered into a 15-year Power Purchase Agreement with SPP who developed, and will own and operate the solar power system. The Lagunitas School District and Solar Power Partners signed the PPA in April 2008 and, fewer than four months later, the system will go live in August 2008.

The 58.52 kilowatt (kW DC) system at the Lagunitas School District will generate 86,000 kilowatt hours (kWh) in its first year of production. The annual carbon dioxide offset of about 70 metric tons achieved through the use of the solar power system is equivalent to the carbon dioxide emissions from 7,600 gallons of gasoline consumed, according to carbon statistics calculated via the US Environment Protection Agency (www.epa.gov/cleanenergy/energy-resources/calculator.html).

Borrego Solar, www.borregosolar.com, SPP's system integration partner for the project, utilized US-manufactured photovoltaic modules from Evergreen Solar which features the smallest carbon footprint of any PV manufacturer.

"We chose Solar Power Partners because of their expertise and ability to assess our needs quickly," said Lawrence H. Enos, Superintendent of the Lagunitas School District. "They have established a dependable renewable energy system that would not only cost zero out of pocket today, but would help protect the school district against increasing electricity prices. Beyond providing a solution that our school district could never afford on its own, SPP is helping us teach our students how innovation, finance, government, and good will can all come together for the benefit of generations to come."

Savings could be nearly a half million dollars

Power Purchase Agreements (PPA) enable financing of solar installations by leveraging tax credits and by delivering power at highly competitive and predictable energy rates. The 15-year SPP Power Purchase Agreement is expected to provide a cumulative savings to the Lagunitas School District of $110,000. If the school district utilizes its extension options, cumulative savings could be greater than $420,000 over its lifetime.

"We have developed a flexible solution that is designed to fit the stringent requirements of school administrators," said Alexander V. Welczeck, president of SPP. "It should never come down to a question of whether a school can purchase a book or help save the planet. We're glad we could set a practical example of affordable sustainable energy for both the public and private sector."