ROSEVILLE, Calif.--(BUSINESS WIRE)--SPI Solar (“SPI”) (SOPW:OTCBB), a vertically-integrated photovoltaic solar developer, today announced that it has closed the acquisition of Sinsin Renewable Investment Limited (“SRIL”), a limited liability company registered in Malta, as announced on September 9, 2014. Under the terms of the agreement, SPI’s subsidiary, SPI China (HK) Limited, acquired all of the outstanding capital stock of SRIL from Sinsin Europe Solar Asset and Sinsin Solar Capital (collectively “Sinsin”) for an aggregate purchase price of 70,660,000 Euros (U.S. $91,780,000) using a mixture of cash and SPI shares, including $27.4 million in SPI shares at $0.72 a share.
As a result, SPI immediately adds solar photovoltaic (“PV”) projects in Greece with an annual nameplate capacity of 26.57 megawatts (“MW”) to its global portfolio. In addition, following the close of the transaction, the agreement contains a provision specifying that Sinsin or its affiliates may appoint SPI and its subsidiaries to provide engineering, procurement and construction (“EPC”) services on up to 360 MW of additional solar PV projects that Sinsin intends to invest in and/or develop over the next three years.
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 SPI will enter into future projects with Sinsin. 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.