ROSEVILLE, Calif.--(BUSINESS WIRE)--SPI Solar (“SPI”) (OTCBB:SOPW), a vertically integrated photovoltaic solar developer, today announced the completion of its private placement of common stock for an aggregate $43.8 million, as announced on October 7, 2014. The private placement was led by Evergrande Real Estate Group (“Evergrande”)(3333.HK), one of the largest real estate developers in China and whose shares are listed on the Hong Kong Stock Exchange.
Net proceeds from the sale of the shares are intended to be used for expansion of SPI’s global PV project activities, continued investment in ramping its YES!® Solar solution for the residential and small business segments and working capital purposes. The company will also use a portion of the net proceeds to make a strategic investment in Guocang Group Limited (559.HK), as also announced on October 7, 2014.
About Solar Power, Inc. (OTCBB: SOPW):
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.
Safe Harbor Statement:
This release may contain certain “forward-looking statements” relating to the use of proceeds, business of SPI Solar, its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as “believes”, “expects” or similar expressions. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risks and other factors detailed in the company's reports filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.