Solar Power, Inc. (SOPW.OB) Signs Agreement with Annerher S.L. to Broaden Market Penetration in Spain and Portugal

In the company’s news yesterday,

Solar Power, Inc. announced the signing of a sales representation agreement with Barcelona, Spain-based Annerher S.L. to establish Yes! Solar PowerTM dealers in both Spain and Portugal.

Annerher will both represent the dealer program and the sales of SOPW’s photovoltaic (PV) solar products and integrated commercial/residential solutions from the Company’s Yes! Energy SeriesTM, while soliciting dealerships in Spain and Portugal to distribute such products.

President of Business Development for SOPW Bradley Ferrell hailed the agreement as offering exciting opportunities for both companies, and noted that “Annerher S.L. has a robust and growing distribution network” for the Company’s products.

A distributor since 2004 of clean energy solutions, Annerher proudly boasts over 73 megawatts of installed PV solar within its markets, and announced that it will leverage this network to sell SOPW’s products while also seeking out new dealers under the Yes! Solar PowerTM program.

This agreement will increase the Company’s penetration in key European markets such as Spain, where solar power has historically been very well received, as evinced by its strong and persistent adoption by residential and light commercial market segments.

Spain picked up over 3 gigawatts of solar infrastructure in 2008, exceeding the total worldwide the previous year due to the country’s feed-in tariffs program, which requires utilities to meet government established rates under long-term contracts.

The Spanish government sets rates for solar-generated electricity that are above those for normal power generation, thus promoting early and continual adoption of such systems and, subsequently, demand for SOPW’s offerings, which consist of high-performance panels, components and turnkey solutions.

Portugal, where generators of renewable energy are paid for power they put into the grid, represents another great opportunity for SOPW’s innovative products, and both countries boast high-yields of net annual hours of production from PV solar due to the abundant sunlight they receive.

Ferrell noted the significant growth potential that the unique market dynamics of these countries offer, suggesting that SOPW’s products and turnkey solutions “an excellent fit” for existing dealers, and will allow for increased sales to new dealer prospects.

Adding to the Company’s existing U.S., European, Asian and Australian base of dealers and distributors will also no doubt translate into increased shareholder profits, according to Mr. Ferrell.

Annerher S.L. General Director, Miguel Angel Rodriguez, said that the agreement was perfect for Annerher, and expressed his pleasure at SOPW’s “high-quality, innovative solar products and turnkey solutions”, which will ensure a long and mutually successful relationship.

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