Solar Power, Inc., a solar energy solution provider, announced earlier this morning that a large Korean distributor/installer has contracted with them to provide 5 megawatts of the company’s SP200 solar modules.
According to the product description, the company’s SP200 solar power system converts sunlight to electricity. When the sun shines on the solar modules of a system, it produces direct current electricity. This electricity is transmitted from the modules to an electronic inverter which converts the direct current electricity to alternating current. The alternating current is then transmitted to the home or building’s distribution system to supply electric power as needed throughout daylight hours. The excess electricity is diverted out to the power grid, causing the electric meter to spin backwards and produce credits toward the electric utility bill. During non-sun hours, utility power provides the electricity needed.
Solar Power has started the delivery and shipment process, having already received a letter of credit underlying the financial terms of this transaction. According to the terms of the transaction, the Korean distributor will use the solar modules as part of a 10 MW solar park currently under development northeast of Seoul, Korea. Solar Power will deliver the product in a series of shipments beginning in June and concluding in August, 2008.
Commenting on the sale, Steve Kircher, CEO of Solar Power, Inc stated, “As we continue to grow our business, working with a select group of companies, like our Korean partner, will allow us to further ramp factory output. He further stated, working directly with distribution and integration companies across Asia and Europe is a complement to our U.S. business plan and a key part of our long-term business growth strategy.”
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