SPI Solar said it has sold $42 million worth of solar panels to a New Jersey solar energy developer.
The Roseville-based company, formerly known as Solar Power Inc., said the sale to KDC Solar LLC is part of a three-year agreement to co-develop solar power projects in the East Coast.
"This transaction underscores the value of our relationship with KDC," said Stephen Kircher, SPI's CEO.
The panels were manufactured in China by SPI's majority owner LDK Solar and will be used on a range of KDC projects in New Jersey and New York. Under a three-year deal, SPI, KDC and LDK agreed to develop as much as 150 megawatts of solar projects throughout the East Coast. The companies have said that the agreement will generate about $750 million in new solar projects.
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