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SPI Acquired Controlling Interest in Covertergy Technology

published: 2015-05-11 12:03

Solar Power, Inc. (SPI) has entered into a definitive share purchase agreement to acquire a controlling interest in Convertergy Energy Technology Co., Ltd. (Convertergy Technology). With Convertergy Technology’s expertise in module-level monitor, optimizer, and cloud-based software system, SPI will be able to offer its customers with higher power output in solar farms and rooftop solar systems through lower O&M costs.

Convertegy Technology was founded in 2011 and is headquartered in Shanghai, China. It has expertise in power electronics, wireless sensor networks and big data analysis to the company develops smart monitoring and optimization services in the PV industry. Under the terms of the share purchase agreement, SPI will acquire 100% of the outstanding capital stock of Convertergy I Holdings Limited, which owns 76.8% of the equity interest in Convertergy Technology, for an aggregate consideration of US$13.8 million and will repay a shareholder loan of US$1.5 million owed by Convertergy Technology as well as accrued interest to the seller. Both the consideration and loan repayment will be settled in SPI's common stock. The transaction is subject to several customary closing conditions.

"As a leader in smart monitoring and optimization, Convertergy Technology further strengthens SPI's growing portfolio of PV smart solutions," said Xiaofeng Peng, Chairman of SPI. "Combining Convertergy Technology's leading solutions with our Solarbao.com platform will create a fully integrated energy internet platform that we believe will create significant value for our customers and shareholders."

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