SPI Solar Announces Agreements With GD Solar to Acquire and Develop Multiple Solar PV Projects

Distributed Grid Solar PV Projects

Solar Power, Inc. (OTCBB: SOPW), a vertically-integrated photovoltaic (PV), developer, today announced that its wholly owned subsidiary, SPI Solar Power Suzhou Co., Ltd., has entered into several agreements with GD Solar Co., Ltd. , a wholly owned subsidiary of Guodian Technology & Environment Group Corporation Limited (1296:HK)—a  supplier of solar and other renewable energy solutions—to acquire existing solar PV projects from GD Solar and develop new solar PV projects with GD Solar.

The agreements with SPI Solar, GD Solar and its affiliates call for the following:

  • A cooperation framework agreement pursuant to which SPI Meitai Suzhou will have a right of first refusal to purchase projects under construction from GD Solar. SPI Meitai Suzhou and GD Solar will also cooperate to develop an additional 500 megawatts (MW) of solar  PV projects in China each year from 2015 to 2017, for a total of 1.5 gigawatts.  SPI Meitai Suzhou will develop, finance and hold the equity interests in the new PV projects and GD Solar will provide EPC and related services to the new projects.
  • A definitive agreement, pursuant to which SPI Meitai Suzhou will acquire a total of 100 MW of operating projects in Jinchang City, Gansu Province, from an affiliate of GD Solar, for an aggregate purchase price of RMB960 million, consisting of a combination of cash and SPI Solar’s ordinary shares. A portion of the purchase price will be used to pay for EPC services rendered by GD Solar in the development of these projects.
  • A definitive agreement, pursuant to which SPI Meitai Suzhou will acquire a total of 10 MW of operating projects in Chaoyang City, Liaoning Province, from an affiliate of GD Solar, for an aggregate purchase price of RMB100 million in cash. GD Solar has provided EPC services to these projects. A portion of the purchase price will be used to pay for EPC services rendered by GD Solar in the development of these projects.
  • A definitive agreement for the acquisition of a total of 50 MW of operating projects in Xinghe County, Inner Mongolia, from an affiliate of GD Solar, for an aggregate purchase price of RMB515 million, consisting of a combination of cash and SPI Solar’s ordinary shares. A portion of the purchase price will be used to pay for EPC services rendered by GD Solar in the development of these projects.

 

ST Staff Writers About ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.