SPI Solar, Inc. today announced that it, along with its majority shareholder LDK Solar Co., Ltd., has inked a deal with KDC Solar in which SPI and LDK will be KDC Solar’s preferred EPC solar panel provider in New Jersey and New York.
The 3-year agreement is valued at up to $750 million, and stems from a December 2010 agreement in which SPI was selected to build a project managed by KDC Solar. This project led to discussions between the two companies and ultimately led to the current agreement.
KDC Solar’s current pipeline in the New Jersey market already exceeds 150 megawatts and has the potential to generate approximately $600 million of new EPC and O&M business for SPI over the duration of the agreement.
“We are very happy to be working with SPI and LDK,” Hal Kamine, CEO of KDC Solar stated in the press release. “SPI’s reputation for designing and building low-cost, high quality commercial solar energy facilities for businesses across the nation, coupled with LDK’s high quality solar panels, will benefit New Jersey and New York.”
Kamine emphasized KDC Solar’s focus on “behind the meter” projects call for the supply of long term, inexpensive solar electricity to businesses and institutions. He also noted that KDC Solar’s goal is to fulfill 100% of its customer’s electric needs through its facilities.
Stephen Kircher, CEO of SPI, called the agreement a “perfect blend of talent, skill sets and opportunity.”
“It highlights the benefits available to SPI as a result of our recent transaction with LDK. Our alliance with LDK now allows SPI to take on multiple projects of greater scope and scale. The KDC Solar agreement underscores the importance and value the SPI/LDK relationship represents when it comes to leveraging LDK’s vertical integration and the low-cost, high-quality products and financing capabilities LDK adds to our development offerings. Additionally, we are pursuing many other large-scale projects that should continue to accelerate our pipeline and revenue into the next few years,” Kircher concluded.
For more information visit www.ldksolar.com