Solar Power, Inc. (SPI) announced it has completed the acquisition of Gonghe County Xinte Photovoltaic (Xinte), a PV project company owned by TBEA Xinjiang Sunoasis.
Under the definitive agreement, SPI’s wholly owned subsidiary, SPI Solar Power (Suzhou) will acquire all of 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 is part of SPI’s plan to acquire an aggregate of 168.5 MW of solar PV projects across China.
Following this development, SPI will add a solar PV project in the Ningxia Hui Autonomous Region of China with an annual nameplate capacity of 20 megawatts (MW).
Xiaofeng Peng, chairman of SPI, said, “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.”
Earlier in November, SPI Solar also announced that its subsidiary, Xinwei Solar Power is acquiring Shanghai All-Zip Roofing System, a roofing solutions provider in the Chinese market.
Rajani Baburajan
editor@greentechlead.com