SPI Solar to snap up 26.6 MW of solar schemes in Greece

Sep 10, 2014 - US company SPI Solar (OTCMKTS:SOPW) said yesterday it will take possession of 26.57 MW of solar projects in Greece through the EUR-70.6-million (USD 91.3m) acquisition of Malta-based Sinsin Renewable Investment Ltd, SRIL.

The target entity develops, buys, manages, owns and operates solar projects in Greece.

Through its subsidiary SPI China (HK) Ltd, photovoltaic (PV) project developer SPI Solar will purchase SRIL’s outstanding capital stock from Sinsin Europe Solar Asset and Sinsin Solar Capital. The buyer will finance the acquisition through a mixture of cash and SPI shares, it noted, adding that the deal is seen to be wrapped up this month.

SPI Solar noted that the agreement with Sinsin Europe and Sinsin Solar Capital contains a provision under which SPI might be selected to deliver engineering, procurement and construction (EPC) services for up to 360 MW of solar projects in the next three years. Last week, the US firm signed a deal to purchase the rights for the development, construction and operation of two solar PV projects in the UK totalling 30.5 MW.

(EUR 1.0 = USD 1.293)

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