MILL VALLEY, Calif., Jan 12, 2009 -- BUSINESS WIRE



Solar Power Partners, Inc. (SPP), a leading nationwide commercial developer of distributed solar energy facilities (SEFs), today announced that it has placed into service 19 new SEFs with a total capacity of 7.7 MW. This new capacity, along with the 5.1 MW in SPP Fund I, firmly positions SPP as a top solar developer in the United States. The projects will provide solar power to a variety of customers, including several corporate clients, three universities, two healthcare facilities, a water district, a wastewater treatment facility, and a public school. The SEFs will produce enough clean renewable energy to offset 8,723 metric tons of carbon annually.

The SEFs have been constructed by SPP Fund II, LLC, in which SPP will act as the general partner and provide asset management services. Financing of the SEFs is being provided by Bank of America in the form of a tax equity investment and Energy Investors Funds through their United States Power Fund III, L.P.

SPP's industry-leading project development, system design, construction oversight, and exacting operations standards have helped ensure that the solar energy facilities meet strict quality guidelines in order to provide predictable power production over the 35-year expected life of the systems.

"SPP is a quality developer and asset manager in the commercial solar PPA market, which is evidenced by this most recent placement of 19 SEFs," said Brian Tracey, Bank of America Tax Credit Executive. "We are pleased to have the opportunity to work with this company to expand the use of renewable solar energy in the United States."

"SPP's project finance and operational expertise is unique and unmatched in this emerging distributed renewable energy marketplace, and management's proven ability to team with the best solar integrators to develop the highest quality systems speaks to the strengths of their internal processes," said Jose Torres-Monllor, Senior Vice President of Energy Investors Funds.

"I believe that Bank of America's and EIF's investment in our solar projects demonstrates a commitment to long-term renewable solar energy and is a testament to SPP's abilities as a leader in the rapidly growing commercial solar PPA marketplace," said Alexander v. Welczeck, SPP's President and CEO. "Our work with Bank of America and EIF, culminating in the closing of our second fund, enables us to grow our markets and continue to exceed our customers' expectations."

About Solar Power Partners (SPP)

Solar Power Partners, Inc. (SPP) is a California-based renewable energy company that is leading the way in streamlining the adoption of clean solar energy by businesses, institutions and municipalities throughout the United States. Combining the financing strength of solar Power Purchase Agreements (PPAs) with the expertise and best practices of top solar and building industry professionals, SPP gives building owners a clear path to achieving energy independence with lower electrical costs at predictable rates and without the risks or costs of owning and maintaining solar facilities. For more information visit www.solarpowerpartners.com.

About Energy Investors Funds (EIF)

EIF was founded in 1987 as the first private equity fund manager dedicated exclusively to the independent power and electric utility industry. Its consistent, proven investment strategy is to create geographically and technologically diversified portfolios of electric power-related assets that provide superior risk-adjusted equity returns with current cash flow and capital appreciation. As an investment manager, EIF seeks to mitigate commodity risk (fuel and electricity) by focusing primarily on acquiring power assets with long-term off-take contracts. EIF has mobilized over $3.4 billion in capital and currently manages four private equity funds from its offices in Boston, New York, and San Francisco. EIF has made over 100 diversified investments with a combined underlying asset value exceeding $7 billion. EIF controls 4,000 MW of operating power assets with another 2,200 MW of power assets under development or construction. For more information visit www.eif.com.

About Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,000 ATMs and award-winning online banking with more than 25 million active users. Bank of America offers industry leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange. For more information visit www.bankofamerica.com.

SOURCE: Solar Power Partners

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