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Okay. After hanging a little, experimenting with the NFS, configuring network with netcfg/netadm and finding out that dladm show-phys for some reasion doesn't think this machine is connected (and it is) I found the solution.
I'm not sure what exactly helped, so I will post both steps:
- Download and Boot from last HP SPP, install all the updates.
- Don't use the LO100i Virtual Media built-in capability of handling ISO images. Use Daemontools virtual drive ! After this the Solaris was able to boot up, found it's media and launched the installation process.
Hope it will help someone.