SPI Solar Announces Agreement to Acquire Mongolian Solar PV Company

Solar PV project Inner Mongolia
Inner Mongolia

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 a framework agreement to acquire Guodian Nailuen Tumed Left Banner PV Electricity Co., Ltd. (Guodian Nailuen). Guodian Nailuen, a PV project company, operates 65 megawatts of existing solar PV projects in Tumed Left Banner County, Nailuen, Inner Mongolia, which were connected to the grid in 2013.

The aggregate purchase price to acquire Guodian Nailuen is RMB621.9 million (US$101.3 million), of which RMB400 million (US$65.2 million) is in the form of lease financing. The aggregate purchase price will be made over the course of one year in different installments.

“We are pleased to announce our intention to acquire Guodian Nailuen,” said Xiaofeng Peng, Chairman of SPI. “This acquisition will add to our growing portfolio of operating solar PV assets, which we believe will create meaningful value for SPI shareholders.”

 

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This post was prepared by Solar Thermal Magazine staff.