Paramount Energy Solutions Acquires Solar Power Inc.'s Residential Business
Solar Power, Inc. has reached an agreement to sell its residential business unit serving Sacramento to Paramount Energy Solutions.
- Sacramento, CA (1888PressRelease) August 17, 2010 - Roseville, CA - Solar Power, Inc. (OTCBB: SOPW) announced today that it has reached an agreement to sell its residential business unit serving Sacramento to Paramount Energy Solutions. The Company's Roseville-based operation, doing business locally as Yes! Solar Solutions®, serves the residential solar market in Sacramento, Placer, Yolo and El Dorado counties. The transaction marks a sharpened focus for Solar Power, Inc., on large-scale distributed generation and utility-scale solar developments.
"The residential solar business can be challenging in the current economic climate, especially with respect to financing residential solar systems through conventional means," said Steve Kircher, Chairman and CEO of Solar Power, Inc. "Paramount Energy Solutions has developed innovative and successful financing solutions for homeowners," Kircher pointed out. "This agreement is a win-win for all involved. We're proud to share an exclusive alliance with Paramount Energy Solutions in the development of the residential solar market. This allows us to focus on our core competencies and operational strengths as we continue to pursue a growing number of distributed generation and utility-scale solar developments," Kircher concluded.
In just over 10 months of operation, Paramount Energy Solutions (PES) has sold over 500 PV solar systems to homeowners in CA and AZ. PES aims to make going solar simple for its customers. The company provides financing, custom design, solar installation, permits, rebate paperwork, and ongoing solar system monitoring from a single source through its partnership with SolarCity®. With PES's innovative financing options, customers are able to start saving money on their energy bills in the first month of service with no upfront costs.
"We are excited about this agreement with Solar Power, Inc.," said Hayes Barnard, CEO of Paramount Energy Solutions. "Our company's focus is in helping homeowners save money on a monthly basis. We look forward to assisting those customers currently working with Yes!," Mr. Barnard concluded.
The transaction was executed on August 12th between Solar Power, Inc., and Paramount Equity, Paramount Energy Solution's parent company. PES will begin working with Yes!'s prospective customers immediately.
About Solar Power, Inc.
Founded in 2005, Solar Power, Inc., is a vertically integrated solar developer; the Company manages its value chain from material sourcing to manufacturing, through post-installation asset management of its systems, and manufactures is own line of world-class solar modules and balance-of-system products. The Company designs, manufactures, and delivers world-class photovoltaic solar systems to its commercial business, government, and utility customers. For additional information, including a copy of our most recent investor presentation, please visit us at www.solarpowerinc.net.
About Paramount Equity
Paramount Equity was founded in 2003 with a commitment to saving their neighbors money. The company has taken great pride in bringing innovation to the mortgage, insurance, and residential PV solar industries by focusing on providing competitive pricing, speed of transaction, and ethical education to customers. Paramount Equity has served the unique needs of tens of thousands of customers in California, Oregon, Washington, Utah, Arizona, and Virginia. For additional information on Paramount Equity and its services, visit www.paramountequity.com.
About Paramount Energy Solutions
Paramount Energy Solutions was created to save homeowners money by helping them adopt renewable energy solutions. This division of Paramount Equity currently focuses on offering homeowners PV solar power systems, but the company plans to add additional clean energy products in the future. As a certified partner of SolarCity®, PES delivers a one-stop, streamlined process for busy homeowners that includes financing, custom design, solar installation, permits, rebate paperwork and ongoing solar system monitoring. With its innovative financing options, customers can now go solar for zero down and start saving money in the first month of service.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of Solar Power, Inc., its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "believes, expects" or similar expressions. The forward-looking statements contained in this press release include statements regarding the Company's ability to execute its growth plan and meet revenue and sales estimates, enter into formal long-term supply agreements, and market acceptance of products and services. These statements involve known and unknown risks and uncertainties, including, but are not limited to, general business conditions, managing growth, and political and other business risk. 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.