Solar Power announced on September 1st that it has entered into an agreement to invest RMB30 million for a 60% stake in Beijing Yiwei New Energy Technology Development Company ("Yiwei"), which will employ an Internet-based platform to provide electric vehicle ("EV") rentals in China.
In connection with the investment, SPI will leverage green energy produced by projects funded through Solarbao.com, the Company's innovative online energy e-commerce and investment platform, to construct a network of Solarbao.com-branded EV charging stations in key metropolitan areas in China and to power Yiwei's fleet of electric vehicles. Furthermore, Solarbao.com is expected to serve as a financing platform for EVs and EV charging stations, providing sustainable financing for the growth of Yiwei's business.
"By leveraging the rapidly increasing generation capacity of Solarbao.com-funded projects, this partnership will help power Yiwei's pioneering fleet of electric vehicles through clean solar energy, creating a closed-loop solar energy ecosystem from power generation, power storage and efficiency management to electricity resale," said Xiaofeng Peng, Chairman of SPI. "With China's market for high quality rental cars growing daily, we are confident that consumers will appreciate the cost advantages of Yiwei's solar-powered rental cars, the convenience of booking EV rentals anytime through their Internet-connected mobile devises, as well as the opportunity to participate in China's green vehicle revolution through 'green commuting'."
"Combined with SPI's existing sub-charging stations business, the EV rental business will provide an additional resale channel for the sale of Solarbao.com eco-friendly energy. It will also further Solarbao.com's strategy to operate under an asset-light business model and to construct an Internet-based distribution network for sustainable green power to be delivered to residential, commercial, transportation and other end users in a cost-effective manner."
Since its launch in early 2015, Solarbao.com has offered Chinese investors access to more than 100 green energy projects and financing products, bringing new financing solutions to China's ambitious target of 100 gigawatts of solar PV installations by 2020 as outlined by China's National Energy Administration.