Benefiting from a $33 million investment by a Chinese solar manufacturer, Solar Power Inc. narrowed its losses within the initial quarter and says it expects to view a rebound this year.

The Roseville-based solar firm on Monday reported losses of $1.7 million, or 2 cents per share, throughout the 3 months ending March 31, an improvement more than a loss of $3.two million, or 6 cents per share, in the exact same period of 2010.

“We genuinely think the stars are aligning,” mentioned organization Chief Executive Officer Stephen Kircher.

On March 31, LDK Solar Co., a Chinese maker of solar wafers, completed a $33 million investment in Solar Power that gave it a 70 percent stake in the nearby firm.

Even though the complete impact from the deal has not nevertheless been felt, Kircher said throughout a conference call with investors that the deal considerably strengthened Solar Power’s balance sheet and enhanced its capacity to total significant, industrial-scale solar projects.
As of March 31, the firm had $26.3 million in money and money equivalents, compared with just $1.4 million on Dec. 31.

Last year, Solar Power lost $8.9 million, or 17 cents per share, due in significant component to delays in payments for the work it performed and the sale of its residential solar unit.

This year, the business mentioned it expects business to improve due to several utility-scale projects that it not long ago inked, like a rooftop solar program for a significant distribution center in Carteret, N.J., plus a rooftop system for the Hollywood Center Studios in Southern California.