SPI Solar (SOPW:OTCBB), a vertically-integrated photovoltaic solar developer, announced that it has entered into an agreement with a London-based global renewables developer, to acquire the Developer’s right to develop, finance, construct, own and operate two solar PV projects in the United Kingdom.
The solar energy projects located in the UK represent 30.5 megawatts (“MW”) of anticipated annual solar energy generation capacity. The agreement also grants SPI the exclusive right to acquire and develop an additional 50 MW of solar project development rights in the UK. This announcement underscores SPI’s continued efforts to grow its presence in key global PV markets through strategic alliances with strong local developers.
The Department of Energy & Climate Change (DECC) in the UK has set a target that 15% of the country’s electricity must come from renewable sources by 2020. The UK currently is estimated to have between 3.2 – 4 gigawatts (“GW”) of installed solar capacity. Independent market-research firm, Solarbuzz, has projected that in 2014, the UK will surpass Germany as the largest installer of solar modules in Europe.
HK Cheong, Chief Operating Officer of SPI, commented, “SPI is committed to establishing a significant presence in the UK solar market. We believe the UK offers some of the most compelling investment opportunities globally for solar project development that have strong potential for generating meaningful return on investment.”
“We are pleased to announce a significant step forward for SPI in the UK solar market,” said Xiaofeng Peng, Chairman of SPI. “The UK is one of our key geographic focus markets, and we will continue to invest globally where SPI sees potential for attractive returns on invested capital.”
About Solar Power, Inc. (SOPW:OTCBB):
SPI Solar (“SPI”) (Solar Power, Inc.) is a vertically-integrated photovoltaic solar developer offering its own brand of high-quality, low-cost distributed generation and utility-scale solar energy facility development services. From project development, to project financing and to post-construction asset management, SPI delivers turnkey world-class photovoltaic solar energy facilities and turnkey residential solar solutions to its business, government and utility customers. For additional information visit: www.spisolar.com.