SPI Energy Co., Ltd. Announces Agreement to Acquire PV Plants in Greece
September 25 2017 - 8:29AM
SPI Energy Co., Ltd. (“SPI Energy” or the “Company”)
(Nasdaq:SPI), a global clean energy market place for business,
residential, government and utility customers and investors, today
announced that SP Orange Power (Cyprus) Limited, a subsidiary of
the Company, has entered into a framework share purchase agreement
dated as of September 20, 2017, pursuant to which the above
subsidiary will acquire 100% equity interests of three Greek
companies, namely THERMI SUN S.A, HELIOHRISI S.A., and HELIOSTIXIO
S.A., from THERMI TANEO Venture Capital Fund (“TTVCF”), for a total
consideration of EUR €16.65 million, subject to certain
adjustments. The transaction is subject to customary closing
conditions. These three companies own a total of four PV
plants with 7.4MWp PV installations in northern Greece. The
installations have been connected to the Greek power grid since
July 2012 and are currently in operation.
Solar Power Inc., the predecessor of the Company, provided EPC
services to these projects in 2012 and has performed the O&M of
these projects since July 2013. SPI and TTVCF (via the project
companies) had previously entered into a dispute in relation to the
EPC agreements. Such dispute will be deemed to be amicably resolved
pursuant to the framework share purchase agreement.
The closing of the transaction will take place in three separate
stages (one for each company under acquisition). The Company
expects to complete the entire acquisition by March 2019. With
7.4MWp PV installations added to SPI Energy’s existing PV portfolio
in Greece, the Company will become one of the significant PV owners
in Greece.
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. is a global provider of photovoltaic (PV)
solutions for business, residential, government and utility
customers and investors. SPI Energy focuses on the EPC/BT, storage
and O2O PV market including the development, financing,
installation, operation and sale of utility-scale and residential
PV projects in China, Japan, Europe and North America. The Company
operates an online energy e-commerce and investment platform in
China, as well as B2B e-commerce platform offering a range of PV
and storage products in Australia. The Company has its operating
headquarters in Hong Kong and maintains global operations in Asia,
Europe, North America and Australia.
For additional information, please visit:
http://investors.spisolar.com
Safe Harbor Statement
This release contains certain “forward-looking statements.”
These statements are forward-looking in nature and subject to risks
and uncertainties that may cause actual results to differ
materially. All forward-looking statements included in this release
are based upon information available to the Company as of the date
of this release, which may change, and the Company undertakes no
obligation to update or revise any forward-looking statements,
except as may be required under applicable securities law.
For investors and media inquiries please
contact:
SPI Energy Co., Ltd.IR DepartmentEmail: ir@spisolar.comSPI
Energy Co., Ltd.
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