Solar Power, Inc. (SPI) has entered into a definitive agreement to acquire 100% of the interest in the 6.02MW solar projects known as "Aerojet" in Rancho Cordova, California. The acquisition is subject to several closing conditions including completion of satisfactory due diligence.
Built in 2009 and 2010 by SPI, the Aerojet solar farms were the largest single-site industrial solar installation in California and among the largest in the United States at the time. SPI installed the PV system at Aerojet under a 25-year power purchase agreement (PPA) to help power the site's extensive groundwater remediation program, reducing the company's carbon footprint and improving energy usage at the brownfield Superfund site. In 2009, the site was selected by then California Governor Arnold Schwarzenegger to serve as the backdrop for the signing of the executive order for California's 33% Renewable Portfolio Standard. In SPI's proposed re-acquisition of the landmark solar projects into its existing operating portfolio, the Aerojet story will have come full circle for SPI as it continues to make new strides in re-emerging as a global leader in the solar industry.
"We are excited to announce our proposed re-acquisition of the landmark Aerojet solar projects that helped build the California solar market into what it is today. Having these high-quality assets back within SPI will strengthen both our position in the US market and our growing global PV portfolio," said Xiaofeng Peng, Chairman of SPI.