ROSEVILLE, Calif.--(BUSINESS WIRE)--Solar Power, Inc. (“SPI”) (OTCBB:SOPW), a vertically-integrated photovoltaic (“PV”) developer, today announced that it has entered into definitive agreements and closed the acquisition of Gonghe County Xinte Photovoltaic Co., Ltd. (“Xinte”), a PV project company established in the People’s Republic of China with limited liability and directly owned by TBEA Xinjiang Sunoasis Co., Ltd. (“TBEA Sunoasis”). TBEA Sunoasis is a leading provider of PV products and system integration services and a subsidiary of TBEA Co., Ltd. (Shanghai: 600089), a top machinery maker in China according to the China Machinery Top 500 Research Report. As a result, SPI immediately adds to its global portfolio a solar PV project in the Ningxia Hui Autonomous Region of China with an annual nameplate capacity of 20 megawatts (MW).
Under the terms of the definitive agreements, SPI’s wholly owned subsidiary, SPI Solar Power (Suzhou) Co., Ltd., closed the transaction to acquire all of the outstanding capital stock of Xinte from TBEA Sunoasis for an aggregate purchase price of RMB206.0 million (U.S. $33.1 million) in cash and factoring financing. This transaction follows a framework agreement with TBEA Sunoasis previously announced on November 17, 2014, and SPI contemplates acquiring from TBEA Sunoasis an aggregate of 168.5 MW of solar PV projects across China pursuant to the framework agreement.
Mr. Xiaofeng Peng, Chairman of SPI, commented, “We are very pleased to announce completion of SPI’s acquisition of Xinte, which immediately adds 20 MW to our diversified, global PV portfolio. This acquisition marks another step in SPI’s ongoing efforts to take advantage of a rapidly expanding PV installation market across China.”
About Solar Power, Inc. (OTCBB:SOPW):
Solar Power, Inc. (“SPI”) 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.
Safe Harbor Statement:
This release contains certain “forward-looking statements” relating to the business of SPI, 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 contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including uncertainties regarding whether the transactions contemplated will be successfully completed. 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.