SPI China (HK) Limited, the wholly-owned subsidiary of Solar Power, Inc. (SPI), has completed the acquisition of 80% of the outstanding capital stock of Solar Juice Pty Ltd (Solar Juice). The acquisition will help SPI to establish a reliable local platform in Australia.
According to SolarBusinessServices, Pty Ltd (SBS), an independent Australia-based research and consulting firm, Australia had more than 3 GW of cumulative installed PV capacity, including more than 750MW installed during 2014. Residential segment has been dominating the market in recent years. Solar Juice is one of the largest solar PV wholesale distribution business in Australia in 2013 and 2014, its partnership with SPI will capitalize on the market opportunity.
A bipartisan deal on Australia's Renewable Energy Target (RET) was reached on May 18, 2015, and is poised to unlock the significant potential of renewable energy in Australia in the coming years. To deliver the 33,000 GWh revised target as provided by the RET deal will require approximately 6,000 MW of new renewable energy capacity to be built by 2020. Australia has already approved renewable energy projects with an expected aggregate capacity of approximately 6,600 MW, the majority being large-scale solar and wind projects.
"We are delighted to announce the closing of this deal with Solar Juice," said Xiaofeng Peng, Chairman of SPI. "The timing is particularly advantageous given the recent RET deal in Australia, which is expected to create more than $10 billion worth of investment in renewable energy projects over the coming years.."