UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 1, 2010
SOLAR POWER, INC.
(Exact name of registrant as specified in its charter)
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| California | | 000-50142 | | 20- 4956638 |
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(State or other jurisdiction of
incorporation or organization) | | (Commission File Number) | | (I.R.S. Employer Identification No.) |
1115 Orlando Avenue
Roseville, California 95661-5247
(Address and telephone number of principal executive offices) (Zip Code)
(916) 746-0900
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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| o | | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| o | | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| o | | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| o | | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01 Entry into a Material Definitive Agreement
On June 1, 2010, our wholly-owned subsidiary, Solar Tax Partners 2, LLC (“STP 2”), and Five Star Bank (“Five Star”) entered into a Loan Agreement (the “Loan Agreement”). Under the Loan Agreement, Five Star agreed to advance a loan in an amount equal to $3,898,560 at an interest rate equal to 8.00% per annum. The Loan Agreement is evidenced by a Promissory Note, which is payable in 120 equal monthly payments of $47,535 commencing on July 15, 2010 through the maturity date of the loan, which is the earlier of June 15, 2020 or the date on which Aerojet General Corporation terminates that certain Power Purchase Agreement with STP 2 (the “PPA”) or purchases the solar power generation facility pursuant to the PPA. The Loan Agreement contains customary representations, warranties and financial covenants. In the event of default as described in the Loan Agreement, the accrued and unpaid interest and principal immediately becomes due and payable and the interest rate increases to 12.00% per annum. Borrowings under the Loan Agreement are secured by (i) a blanket security interest in all of the assets of STP 2, and (ii) a first priority lien on the easement interest, improvements, fixtures and other real and personal property related thereto located on the property described in the Loan Agreement. The description of the Loan Agreement is a summary only, does not purport to be complete and is qualified in its entirety by reference to the Exhibit.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
Item 1.01 is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
| | 10.1 | | Loan Agreement with Five Star Bank dated June 1, 2010 |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | SOLAR POWER, INC.
a California Corporation
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| Dated: June 7, 2010 | /s/ Alan M. Lefko | |
| | Alan M. Lefko | |
| | Vice President of Finance and Secretary | |
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