On November 10th, 2011 Solar Power Inc. (SPI, Roseville, California, U.S.) announced that it has closed a transaction to deliver USD 42 million worth of LDK solar photovoltaic (PV) modules to an affiliate of KDC Solar LLC (Bedminster, New Jersey, U.S.) in 2011.

Also on November 10th, 2011 SPI released third quarter 2011 financial results, reporting net sales of USD 22.1 million and a net loss of USD 1.3 million.

“This order represents only a portion of the total expected orders that should result from our preferred provider agreement with SPI and LDK,” said KDC Solar President and Chief Commercial Officer Alan Epstein.

“All of the modules in this USD 42-million transaction will be used for behind-the-meter projects in New Jersey as we continue to work with our customers to lower their cost of operations and preserve and create jobs within this state through clean solar power.”

SPI updates sales guidance due to deal with KDC Solar

SPI reports a total of USD 42.6 million in net sales for the first nine months of 2011, more than double its net sales for the same period in 2010.

In June 2011, SPI and LDK Solar entered into a three-year agreement to serve as KDC's preferred provider of engineering, procurement and contracting (EPC) and operations and maintenance (O&M) services for its solar projects.

SPI notes that it has recently signed the first agreements for two PV projects in the U.S. state of New Jersey totaling 14 MW through this agreement.
As a result of the most recent deal signed with KDC Solar, SPI has revised its prior business outlook and now expects total 2011 net sales to increase to approximately USD 95 million.

Source:Solarserve