ROSEVILLE, Calif.--(BUSINESS WIRE)--SPI Solar (“SPI”) (SOPW:OTCBB), a vertically-integrated photovoltaic solar developer, today announced the incorporation of its new Japan subsidiary, SPI Solar Japan GK.
SPI also announced today that it has entered into agreements regarding the acquisition and development of three solar photovoltaic (“PV”) projects in Japan. The first is a 1.975 megawatt (“MW”) project in Bando City, Ibaraki Prefecture. SPI Solar Japan GK will provide project development, financing, as well as engineering, procurement and construction (“EPC”) services for the project, with construction estimated to commence in October 2014 and to be completed during the first quarter of 2015. Capacities of the other two projects are 16 MW and 1.8 MW, respectively, and SPI Solar Japan GK will also provide project development, financing, as well as EPC services starting in the fourth quarter of 2014.
This announcement marks a significant milestone in the establishment of SPI’s global reach as one of the top players in the international PV installation market. Market research firm NPD Solarbuzz estimates the pipeline of approved PV projects in Japan to be approximately 59 gigawatts (“GW”) with actual demand expected to exceed 5 GW in the second half of 2014 alone. As a result, demand for PV installations in Japan is expected to accelerate quickly over the next few quarters.
Xiaofeng Peng, Chairman of SPI, added, “We are very pleased that SPI Solar Japan GK has become a reality. Japan is one of our key target markets globally, and this announcement brings us another step closer to establishing SPI as a preeminent global solar project developer.”
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. 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.