ROSEVILLE, Calif.--(BUSINESS WIRE)--Solar Power, Inc. (“SPI” or “SPI Solar”) (OTCBB: SOPW), a vertically-integrated photovoltaic (“PV”) developer, today announced that its wholly owned subsidiary, SPI Solar Power (Suzhou) Co., Ltd. (“SPI Meitai”), has entered into a framework agreement with TBEA Xinjiang Sunoasis Co., Ltd. (“TBEA Sunoasis”), a subsidiary of TBEA Co., Ltd. (Shanghai: 600089) and a top machinery maker in China according to China Machinery Top 500 Research Report, to acquire from TBEA Sunoasis 168.5 megawatts (“MW”) of solar projects across China, including in Gansu Province, Xinjiang Region, Inner Mongolia Region and Qinghai Province. These projects are expected to be connected to the grid starting from 2014 to the end of 2015. SPI and TBEA Sunoasis will enter into a definitive equity interest purchase agreement no later than March 31, 2015, subject to the closing conditions set out in the framework agreement.
Mr. Jianxin Zhang, General Manager of TBEA Sunoasis, said, "We are very pleased to partner with SPI Solar in developing this prominent portfolio of solar projects. SPI has established itself as a premier developer of solar projects in China.”
Mr. Xiaofeng Peng, Chairman of SPI, added, “We are delighted to announce these agreements with TBEA Sunoasis, a leading provider of advanced solar products and system integration services. This important strategic partnership is part of an ongoing effort by SPI to take advantage of a rapidly expanding PV installation market across China through collaborations with key players.”
About Solar Power, Inc. (OTCBB: SOPW):
Solar Power, Inc. (“SPI” or “SPI Solar”) is a vertically-integrated PV 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 PV energy facilities and turnkey residential solar solutions to its business, government and utility customers. For additional information visit: www.spisolar.com.
About TBEA Sunoasis Co., Ltd.
TBEA Xinjiang Sunoasis Co., Ltd. (“TBEA Sunoasis”) is a subsidiary of publicly-listed TBEA Co., Ltd. (Shanghai: 600089) and is engaged in the research and manufacture of PV products and system integration technology. It offers silicon wafers, solar modules, solar inverters, PV products, on-grid and off-gird inverters, modules, and big-diameter solar grade monocrystalline silicon (polycrystalline silicon) wafers. TBEA Sunoasis was founded in 2000 and is based in Urumqi, China. For additional information visit: www.tbeasolar.com.
Safe Harbor Statement:
This release may contain 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 "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates," “expects” or similar expressions. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including uncertainties regarding whether the Company will successfully acquire solar projects from TBEA Sunoasis noted in this press release. 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.