Solar Power Inc. has selected McClellan Business Park in McClellan, Calif., as the site for its U.S. manufacturing facility, subject to finalization of building agreements. The company has received an initial commitment of $24.7 million in Recovery Zone Facility Bonds (RZFBs) from Sacramento County and plans to use the proceeds from the sale of these bonds to help finance renovation and outfitting of the manufacturing facility to build its high-performance solar panels.
Solar Power Inc. has engaged a middle-market investment bank and institutional securities firm to assist with its efforts. A portion of the RZFB proceeds, upon successful placement, will also go, in part, towards the development of a utility-scale photovoltaic solar system in Sacramento County that will exceed 10 MW and have an estimated value of $50 million.
The proposed manufacturing facility at the McClellan site will be approximately 100,000 square feet, with an annual production capacity of 50 MW of modules. It is estimated that the facility will bring 120 new construction jobs to the region during the nine-month construction period and 100 full-time skilled workers and office staff to the facility upon completion.
SOURCE: Solar Power Inc.