SPI acquires 4.3MW PV projects in Italy

Shanghai-based photovoltaic developer Solar Power Inc (SPI) has acquired 4.3MW of photovoltaic projects in Italy from CECEP Solar Energy Hong Kong Co Limited.

The latter is a wholly owned subsidiary of China Energy Conservation and Environmental Protection Group (CECEP), a top state-owned energy conglomerate in China.

SPI had already declared plans to acquire an aggregate of 168.5 MW of solar PV projects across China.

It acquired Gonghe County Xinte Photovoltaic, a PV project company owned by TBEA Xinjiang Sunoasis recently. The company is to acquire all of outstanding capital stock of Xinte from TBEA Sunoasis under a definitive agreement for an aggregate purchase price of 206 million renminbi ($33.1 million) in cash and factoring financing.

Last November, SPI Solar’s subsidiary, Xinwei Solar Power had entered a framework purchase agreement to acquire Shanghai All-Zip Roofing System.

Referring to SPI’s latest Italian acquisition company chairman Xiaofeng Peng said the deal demonstrated the company’s “growing presence in key European markets”.

Recently, SPI signed an agreement with RE Projects Development (REPD) to co-develop about 25 MW of PV projects in the UK.

Jointly the companies were to co-develop projects of below 5-megawatt capacity in South Wales, South East Midlands and Northern England.

Radiation conditions and grid connectivity were favourable for these projects and they are scheduled for completion by the third quarter of 2015.

The companies also propose to add additional projects once suitable sites for the projects are secured.

The UK government has announced 315 million pounds($ 622 million) for 27 renewable projects, mostly wind, totaling 2.1GW in its inaugural contracts-for-difference auction, Carbon Brief had reported.

Solar Power Inc specializes in downstream PV market, including the development, financing, installation, operation and sale of utility-scale and residential solar power projects in China, Japan, Europe and North America. The Company also operates an online energy e-commerce and investment platform, www.solarbao.com, which enables individual and institutional investors to purchase PV-based investment and other products.

Ajith Kumar S