Solar Power’s wholly owned subsidiary, SPI Solar Japan G.K., has entered into a definitive purchase agreement to acquire 100% of the equity interest in a 22 MW solar project company, including land dedicated for the project, located in Sukagawa City, Fukushima Prefecture, Japan. The solar project will be owned and developed by SPI.
In addition to acquiring the equity of the solar project, the agreement also contains an option for SPI to develop up to 3 MW of additional capacity on the same site. Construction is planned to begin in April 2015, with completion and connection to the grid expected in April 2016.
“This agreement marks a significant expansion of SPI’s solar project development activities in Japan following our entry into this highly attractive market in September 2014,” said Xiaofeng Peng, Chairman of SPI. “Through this substantial acquisition, we have demonstrated SPI’s ability to execute large-scale project development in one of SPI’s core markets globally.”