SHANGHAI, March 6, 2015 /PRNewswire/ -- Solar Power, Inc. ("SPI") (OTCBB: SOPW), a vertically-integrated photovoltaic ("PV") project developer, today announced that it has signed a strategic cooperation framework agreement with Industrial and Commercial Bank of China ("ICBC").
Under the agreement, ICBC has committed to providing credit facilities to support SPI's business expansion, including project financing, re-financing, M&A financing as well as other general funding needs.
As part of the agreement, ICBC will link its online e-commerce platform to SPI's Solarbao.com platform and will include SPI's innovative Solarbao investment products as part of its online wealth management product offerings, providing a convenient way for existing ICBC e-commerce customers to purchase Solarbao.com investment products.
"We are delighted to partner with ICBC, one of China's most prominent banking institutions with one of the largest retail banking customer bases globally," said Xiaofeng Peng, Chairman of SPI. "With ICBC's strong credit support we will be able to accelerate SPI's business expansion plans while Solarbao.com's inclusion on ICBC's e-commerce platform will help drive sales of our Solarbao investment products to ICBC's massive customer base," continued Mr.Peng. "We believe this win-win partnership is an important step forward to realizing our vision of creating a leading global solar company."
About Solar Power, Inc. (OTCBB: SOPW)
Solar Power, Inc. ("SPI" or the "Company") is a global leader in enabling photovoltaic ("PV") solutions for business, residential, government and utility customers and investors. SPI focuses on the downstream PV market including the development, financing, installation, operation and sale of utility-scale and residential solar power projects in China, Japan, Europe and North America. The Company also operates an innovative online energy e-commerce and investment platform, www.solarbao.com, which enables individual and institutional investors to purchase innovative PV-based investment and other products. The Company has its operating headquarters in Shanghai and global operations in Asia, Europe and North America.
For additional information visit: www.spisolar.com or www.solarbao.com.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of SPI, its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates," "expects" or similar expressions. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Among other things, the quotations from management in this press release contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including uncertainties regarding whether the transactions contemplated will be successfully completed. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risks and other factors detailed in the company's reports filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
Contact:
Amy Liu, Solar Power, Inc. (800) 548-8767
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