FOR IMMEDIATE RELEASE
Solar Power Partners Raises $6 Million in Series A Funding
Investment round led by Globespan Capital Partners fuels nationwide operations expansion in rapidly growing commercial solar Power Purchase Agreement market.
MILL VALLEY, CA -- September 18, 2007 -- Solar Power Partners (SPP) today announced that it has secured $6 million in Series A funding led by Globespan Capital Partners. The Series A funds will be used to expand business operations and accelerate sales and marketing of commercial Power Purchase Agreement solutions in partnership with leading solar integrators in selected U.S. markets. The funds complement SPP’s separate solar project financing funds.
Solar Power Partners’ has to date signed 47 solar PPA projects nationwide representing 14MW of clean energy generating capacity including clients such as the largest grocery store chain in America, a 50kW boutique winery, a top California university, a global internet backbone operator, a 1.2MW water district, a detention center, and several Fortune 1000 manufacturing facilities. Originally focused on the California and Hawaii markets, SPP has several MW of new projects slated for closure shortly in the Northeast U.S.
“SPP is leading the way in the mid-commercial PPA market, and we are excited to help them reach their next business expansion milestones,” said Ullas Naik, Managing Director at Globespan Capital Partners. “Their in-house legal, project finance and solar expertise is unique and unmatched in the marketplace, and their proven ability to team with the best solar integrators to develop the highest quality systems at competitive prices speaks to their successful partnering abilities and the quality of their internal processes.”
“Globespan’s investment in SPP shows a deep understanding of the nuances of success in our marketplace and is a clear example of their thoughtful approach to venture partnering,” said Craig Hunt, SPP’s Co-Founder and CEO. “This funding will allow Solar Power Partners to accelerate our efforts, grow our markets, and continue to exceed our customers’ and partners’ expectations.” added Alexander v. Welzceck, Co-Founder, COO.
About Globespan Capital Partners
Globespan Capital Partners is a leading global venture capital firm investing in information technology companies. Its investment team has a proven track record based on partnering with management teams to build strong, successful companies. With offices in Boston, Palo Alto and Tokyo, Globespan invests in companies all across the U.S. and in Japan on behalf of a global base of limited partners. For more information, visit www.globespancapital.com
About Solar Power Partners
Solar Power Partners, Inc., is a leading provider of commercial solar Power Purchase Agreement solutions and is a developer, owner and operator of distributed solar energy facilities. SPP sells solar-generated electricity to commercial, educational, public sector, industrial and agricultural customers through long-term Power Purchase Agreements. SPP teams with many of the nation’s best solar Integrators to design and construct the highest quality solar energy facilities possible while meeting the specific and custom needs of its clients. SPP is currently developing and/or operating solar facilities in California, Hawaii and several Northeastern States. For more information on SPP™, please contact us at: 1-415-389-8981 or visit us on the Web at http://www.solarpowerpartners.com
CONTACT:
Alexander v. Welczeck
Solar Power Partners, Inc.
591 Redwood Hwy, suite 1210
Mill Valley, CA 94941, USA
Tel: (415) 389 8103
Fax: (415) 789 4131
E-mail: awelczeck@solarpowerpartners.com
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