SPI Acquires Right to Develop and Operate 30.5 Megawatts of Solar PV Projects in the UK
ROSEVILLE, Calif.--(BUSINESS WIRE)--SPI Solar (“SPI”) (SOPW:OTCBB), a vertically-integrated photovoltaic solar developer, today announced that it has entered into an agreement with a London-based global renewables developer (the “Developer”), to acquire the Developer’s right to develop, finance, construct, own and operate two solar PV projects in the United Kingdom (“UK”).
“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.”
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.
Safe Harbor Statement:
This release contains certain “forward-looking statements” relating to the 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. Such forward-looking statements include but are not limited to that both UK projects will be developed, financed, constructed, owned and operated for a profit and that UK solar projects will offer a good investment opportunity. 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.