SPI Solar announced the incorporation of its new Japan subsidiary, SPI Solar Japan GK. This is a move to address the Japanese PV market.
At the same day of the announcement, SPI also unveiled agreements regarding the acquisition and development of three solar PV projects in Japan. The first is a 1.975 MW project in Bando City, Ibaraki Prefecture. SPI Solar Japan GK will provide project development, financing, as well as engineering, procurement and construction (EPC) services for the project, with construction estimated to commence in October 2014 and to be completed during the first quarter of 2015. Capacities of the other two projects are 16 MW and 1.8 MW, respectively, and SPI Solar Japan GK will also provide project development, financing, as well as EPC services starting in the fourth quarter of 2014.
This announcement marks a significant milestone in the establishment of SPI’s global reach as one of the top players in the international PV installation market. The pipeline of approved PV projects in Japan is estimated to be approximately 59 GW with actual demand expected to exceed 5 GW in the second half of 2014 alone. As a result, demand for PV installations in Japan is expected to accelerate quickly over the next few quarters.
Xiaofeng Peng, Chairman of SPI, added, “We are very pleased that SPI Solar Japan GK has become a reality. Japan is one of our key target markets globally, and this announcement brings us another step closer to establishing SPI as a preeminent global solar project developer.”