SPI Energy announced that it has acquired 50% equity interest in two solar projects ("EAG 5&6" or the "Projects"), currently under construction with combined capacity of 3.98 MW, from Japan-based EastAsia Group Co., Ltd. ("EAG").
The Projects, located approximately 50 kilometers east of Tokyo in Chiba Prefecture and each with capacity of 1.99 MW, are currently under construction. The Projects are under certain power purchase agreement with Tokyo Electric Power Company, one of the major electricity suppliers in Japan, servicing Tokyo and surrounding areas. The Projects are also eligible for feed-in-tariff for 20 years upon completion and connection to grid. Both the Company and EAG plans to sell its stakes in the Projects to a third party by the first quarter of 2017. The Projects are expected to complete and connect to grid by the third quarter of 2018.
Established in February 2004, EAG is a financial firm with significant presence in clean energy financing and development in Japan and with offices in both Tokyo and Shanghai.
"Today's announcement marked our second cooperation with EAG, following successful co-development of a 1.99 MW solar project in Kashima, Ibaraki Prefecture since November 2014. We look forward to broadening our cooperation with EAG in the coming years," said Xiaofeng Peng, Chairman and Chief Executive Officer of SPI Energy.
(Photo Credit: saurenergy)