SPI Solar announces completion of acquisition of Gonghe County Xinte Photovoltaic company, adds PV projects totaling 20 MW to its global portfolio

SPI contemplates acquiring from TBEA Sunoasis an aggregate of 168.5 MW of solar PV projects across China
SPI contemplates acquiring from TBEA Sunoasis an aggregate of 168.5 MW of solar PV projects across China

Solar Power Inc. (SPI; Roseville, California, US) on January 8th, 2015 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.

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 megawatt (MW).

TBEA Sunoasis is a leading provider of PV products and system integration services and a subsidiary of TBEA Co., Ltd., a top machinery maker in China according to the China Machinery Top 500 Research Report.

 

Transaction follows a framework agreement with TBEA Sunoasis announced in November 2014

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 RMB 206.0 million (USD 33.1 million) in cash and factoring financing.

This transaction follows a framework agreement with TBEA Sunoasis previously announced on November 17th, 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.

 

2015-01-09 | Courtesy: Solar Power Inc. | solarserver.com © Heindl Server GmbH

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