Solar Cells Info

London, UK, & Los Angeles, California, June 29, 2007
Source: Solar Integrated Technologies /press release
http://www.solarintegrated.com/SIT_PR_Sale_of_Coke_Deals_UPC_Solar_June_29_2007_Final.htm

Solar Integrated Technologies, Inc. (AIM:SIT.LN), a leading provider of building integrated photovoltaic (BIPV) roofing systems, announced today that it has completed the $4.1 million sale to UPC Solar, a developer of solar energy projects in the United States, of two new solar power projects that were designed and installed on the roofs of two Coca-Cola Bottling Company facilities in Orange and Montebello, California, using Solar Integrated’s innovative BIPV system.

The two systems, to be owned and operated by UPC Solar under a long-term Power Purchase Agreement (PPA), are expected to reduce carbon dioxide (CO2) emissions by more than 950,000 pounds, Nitrogen Oxides (NOx) emissions by more than 320 pounds, and Sulfur Dioxide (SO2) emissions by about 50 pounds.

These Coca-Cola projects are the first two projects completed by Solar Integrated and UPC Solar under the preferred supply and cooperation agreement announced in April 2007. Under the agreement, Solar Integrated is the preferred supplier to UPC Solar of BIPV roofing systems and certain other thin film solar products, solar roofing installation services, and renewable energy management software systems for solar installations. UPC Solar is Solar Integrated’s preferred developer for solar energy projects in the United States where the end customer prefers to purchase solar generated electricity under a long term power purchase agreement rather than purchase, own and operate the solar energy system directly.

“A rising number of customers in key market segments are entering into solar PPAs, including big box commercial customers,” stated R. Randall MacEwen, President & CEO of Solar Integrated. “Solar Integrated now has over 5 MW of installed projects operating under PPAs. In partnership with UPC Solar, we are well positioned to tap this growing market segment.”

This transaction was approved by Solar Integrated’s board of directors, excluding Mr. Caffyn, Nicholas A. Wrigley and Frederik W. Mowinckel who did not participate in the relevant board discussions and did not vote on the relevant board resolution given their relationship with UPC, including as nominees of UPC to the Company’s board of directors. Any future commercial arrangements between Solar Integrated and UPC Solar will be similarly approved, and will constitute related party transactions within the meaning of the AIM rules.