SPI Solar entered into a framework agreement with TBEA Xinjiang Sunoasis Co., Ltd. (TEBA Sunoasis) under the name of its subsidiary, SPI Meitai. SPI Meitai will acquire 168.5 MW of solar projects across China from TBEA Sunoasis which are expected to connect to the grid before the end of 2015.
Under terms of the agreement, TBEA Sunoasis’ solar projects including in Gansu Province, Xinjiang Region, Inner Mongolia Region and Qinghai Province will be acquired by SPI Meitai while the two companies will enter into a definitive equity interest purchase agreement no later than March 31, 2015, subject to the closing conditions set out in the framework agreement.
Mr. Jianxin Zhang, General Manager of TBEA Sunoasis, said, "We are very pleased to partner with SPI Solar in developing this prominent portfolio of solar projects. SPI has established itself as a premier developer of solar projects in China.”
Mr. Xiaofeng Peng, Chairman of SPI, added, “We are delighted to announce these agreements with TBEA Sunoasis, a provider of advanced solar products and system integration services. This important strategic partnership is part of an ongoing effort by SPI to take advantage of a rapidly expanding PV installation market across China through collaborations with key players.”