SPI Solar (“SPI”) (SOPW:OTCBB), a vertically-integrated photovoltaic (“PV”) solar developer, and privately held KDC Solar, based in Bedminster, NJ, together announced their agreement to jointly develop and own the Mountain Creek solar project in Vernon, New Jersey. The agreement, which also entails project administration requirements, enables both companies to move forward in completing the project, which calls for the design, development and build-out of multiple solar energy facilities at the Mountain Creek Resort in Vernon, New Jersey.
“The solar industry has adapted to changing demand and financing conditions, and SPI Solar is working on developing a strategy to evolve its business model in further downstream control with our long-term partner, KDC Solar,” said Charlotte Xi, president and global chief operating officer and interim chief financial officer.
“We are excited to continue to partner with SPI Solar on this important project,” said Alan Epstein, president and chief operating officer of KDC Solar. “KDC Solar and SPI have enjoyed a solid working relationship while navigating changing conditions within our industry, and we look forward to examining other joint projects where we may be able to leverage each other’s strengths in capturing additional opportunities in the solar market.”
In addition, both companies have also agreed to execute a project administration agreement covering the performance of services for the Mountain Creek project by SPI.
Source: Business Wire