SPI Energy Completes Acquisition of 4.4MW of Solar Projects in Greece
November 06 2019 - 4:30AM
SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ: SPI),
a global provider of green energy solutions with strategic
investments in green-energy-enabled products and
services, today announced that SP Orange Power (Cyprus)
Limited (“SP Orange”), a wholly owned subsidiary of the Company,
has completed its acquisition of 100% of the equity interest of
THERMI SUN S.A. (“Thermi Sun”), which owns 4.4 Megawatts ("MW") of
photovoltaic (“PV”) projects in Greece. The PV projects at Thermi
Sun have been connected to the Greek power grid since July 2012,
and they are currently in operation.
The Company’s 7.55-million-euro acquisition of
Thermi Sun represents the last of three acquisitions completed
under the terms of an agreement with THERMI TANEO Venture Capital
Fund (“TTVCF”) that was executed in September 2017, as amended in
2019. SPI Energy, through SP Orange, acquired from TTVCF all of its
equity interests in the three Greek companies (namely, THERMI SUN
S.A, HELIOHRISI S.A., and HELIOSTIXIO S.A), which own a total of
four PV plants with an aggregate capacity of 7.4MW in northern
Greece that produce estimated revenue of 2.4 million euros
annually.
“We are excited about this latest acquisition
and are proud of completing our contractual obligations under the
agreement,” stated Hoong Khoeng Cheong, Chief Operating Officer of
SPI Energy. Xiaofeng Peng, Chairman and Chief Executive Officer of
the Company, commented, “This acquisition represents another key
milestone in our strategic plan regarding our global solar assets.
As we continue to reorganize our business, our top priority is to
seek out opportunities to optimize our global PV portfolio, improve
our operating cash flows and enhance our operating margins.”
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. is an established provider
of photovoltaic solutions with global operations in key markets in
Australia, Europe, Japan and the United States. The Company is
leveraging its solar platform and expertise to make strategic
investment in green industries with significant growth and earnings
potential and/or green-energy-enabled products and services.
For inquiries, please contact:
SPI Energy Co., Ltd. IR Department
Email: ir@spigroups.com
RedChip Companies Bruce Haase (407) 712-8965
bruce@redchip.com
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