SPI Solar has entered into an agreement to acquire Sinsin Renewable Investment Limited (SRIL), a limited liability company registered in Malta. The agreement suggests that SPI China (HK) Limited, SPI’s subsidiary, will acquire 26.57MW of solar PV projects from SRIL.
Being involved in the development, acquisition, management and operation of energy solutions, SRIL owns solar PV projects in Greece with an annual nameplate capacity of 26.57 MW. Under the terms of the agreement, SPI China, will acquire all of the outstanding capital stock of SRIL from Sinsin Europe Solar Asset and Sinsin Solar Capital (collectively “Sinsin”) for an aggregate purchase price of 70,600,000 Euros (US $91,780,000) using a mixture of cash and SPI shares, including $27.5 million in SPI shares at $0.72 a share, with closing expected in September 2014.
Additionally, the agreement contains a provision specifying that Sinsin or its affiliates may appoint SPI and its subsidiaries to provide EPC services on up to 360 MW of additional solar PV projects that Sinsin intends to invest in and/or develop over the next three years.
Dejun Ye, a Director of Sinsin, noted, “SPI has been extremely active lately in establishing itself as a premiere developer and owner of PV projects internationally. We feel that SPI is an appropriate partner for Sinsin as global PV installations continue to show rapid growth.”