SolarNet LLC, the leading California-based distributor and integrator of photovoltaic (PV) systems, announces that Kevin Shimokobe has been named CEO, effective immediately. Comprised of system distributor DC Power Systems and systems integrator Stellar Energy, SolarNet was acquired in April 2009 by ITOCHU Corporation. Mr. Shimokobe, a veteran of ITOCHU, is currently CEO of Solar Depot, another leading wholesale distributor of solar systems, which joined ITOCHU through acquisition in 2007. Going forward, he will serve as CEO of both SolarNet and Solar Depot in anticipation of an eventual merger of the two companies.

“Having had the opportunity to become familiar with SolarNet’s talented management team and impressive business operations, I am especially pleased to join SolarNet as its new CEO. We face a challenging but exciting time in the solar industry, and I am convinced SolarNet has all the right tools to continue building on its strong growth and world-class solar services,” said Mr. Shimokobe.

Other recent moves by SolarNet to strengthen its business base and prepare for future growth include the hiring of Andrew Miesiak as the company’s CFO and industry veteran Matt Lugar as VP of Sales for Stellar. DC Power Systems has also introduced new financing programs aimed at strengthening dealer sales, such as its commercial “Carry Grant Program” for financing the Department of Energy’s grant-in-lieu-of-tax credit program, and a residential loan program for financing the purchase of solar systems in cooperation with its partner financial institution, EGIA. In addition, DC Power Systems will open a new warehouse in Rohnert Park, CA in November, allowing it to better serve its dealers nationwide with prompt and efficient service and increased inventory levels.

Taking advantages of the combined resources of the two companies and the synergies between them, ITOCHU plans to expand the business of both SolarNet and Solar Depot to establish a truly national distribution footprint. Already, the companies operate four full-service warehouses—three in California and one in New Jersey—and have multiple sales offices outside California, including in Florida, New Jersey, Washington, DC, Arizona, Montana, North Carolina, Colorado and Idaho.

ITOCHU is active globally in the solar industry, which it has targeted as a strategic growth area. It supplies manufacturing equipment to solar module manufacturers globally and is involved in the systems integration, financing and development of solar energy projects in various countries. The company recently exercised its option to increase its ownership of Ecosystem Japan, a leading systems integrator in the Japanese solar market, from 67% to 85%, following its initial investment in the company in March 2009. In April 2009, ITOCHU integrated all its solar energy-related business in a new business department in order to provide a more coordinated and streamlined approach to building and executing its solar business.

About ITOCHU

ITOCHU Corporation is a diversified global trading company headquartered in Tokyo. With over 130 offices in more than 70 countries, ITOCHU operates over 400 subsidiaries and affiliates in and outside Japan involved in a wide array of industries, including technology, telecommunications, aerospace, energy, metals, machinery, textiles, food, chemicals general merchandise, finance, real estate, insurance and logistics services. A Fortune Global 500 company, ITOCHU recorded revenues in excess of $34 billion in fiscal 2008.

For more information on ITOCHU Corporation, please contact https://www.support.itochu.co.jp/main/ssl/coy/inquiry_other/inq_other_e.html or visit the ITOCHU websites at www.itochu.co.jp/main/index_e.html and www.itochu.com.

About SolarNet

SolarNet™ facilitates solar energy solutions by fostering collaborations between solar contractors, engineers, architects, investors and energy users. By utilizing Solar Service Agreements (SSA), innovative financial contracts that pair solar investors with energy users, SolarNet makes large-scale solar solutions more accessible to corporate and government clients. For more information, please contact David Michalek, COO at david@dcpower-systems.com (707-395-3117) or visit the SolarNet website at www.solarnet.us.

About DC Power Systems

DC Power Systems is the largest privately-held wholesale distributor of solar energy systems in the US. Established in 2000 in Healdsburg, CA, the company has grown rapidly and is a full-service provider to over 3,000 dealers throughout the US, Canada and Latin America. DC Power serves residential and commercial markets through four warehouses coast-to-coast. DC Power offers in-house design, engineering and installation support to its SolarNet™ dealers. The company's world-class technical expertise encompasses a broad range of technologies, allowing adoption of the most site-appropriate products. DC Power also offers small-scale wind turbine systems.

More information on DC Power Systems, please contact Daniel Marino at sales@dcpower-systems.com, or visit the DC Power website at: www.dcpower-systems.com

About Stellar Energy Systems

Established in 2004, Stellar Energy is a leading solar system integrator with comprehensive services, including project financing, engineering and installation management. Recently, Stellar and SolarNet collaborated to design and construct the largest solar installation at a winery and one of the largest in California – a combined 2.8MW system owned by Foster’s Wine Estates.

More information on Stellar Energy Solutions, please contact Matt Lugar at sales@stellarenergy.com, or visit Stellar’s website at: www.stellarenergy.com

 About Solar Depot

Solar Depot is a wholesale distributor and systems integrator of solar electric and solar thermal systems. For over 30 years, Solar Depot has been designing and supplying solar energy systems for residential, commercial and industrial applications, making Solar Depot among the largest and most experienced solar integrators in the United States. Solar Depot serves its customers through three full-service facilities in California, located in Petaluma (corporate headuarters), Sacramento and Corona. For more information, please contact Kevin Shimokobe at kevin-s@solardepot.com or visit Solar Depot’s website at www.solardepot.com.

Media Contact at ITOCHU International Inc:

Michael Solomon: Michael.Solomon@itochu.com, (212) 818-8083 or (914) 960-2368

Source: SolarNet LLC.