SPI Energy Enters into a Framework Agreement to Acquire Up To 21MW of Solar Project Portfolio in Oregon
July 23 2019 - 4:30AM
SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ: SPI),
a global provider of photovoltaic (“PV”) solutions for business,
residential, government and utility customers and investors, today
announced the execution of a framework agreement to acquire up to
eight solar PV projects, totaling 21MW in the State of Oregon (the
“Oregon Portfolio”). These solar PV projects will sell power
through their respective 20-year PURPA Power Purchase Agreement
with Portland General Electric, and they are expected to start
construction and reach commercial operation over the next 18
months. The acquisitions are subject to customary closing
conditions.
Mr. Xiaofeng Peng, Chief Executive Officer of SPI Energy,
commented, "It is part of our strategic plan to expand our solar
platform in the United States (“US”). As the State of Oregon looks
to reach its target of 50% renewable energy by 2040, we believe
this Oregon Portfolio will be a great addition to our current
project pipeline, allowing us to pursue viable sales of
pre-development solar project opportunities.” Mr. Peng added, “By
leveraging our successful development and completion of solar PV
projects in Hawaii, New Jersey and California, we will continue to
acquire suitable solar PV projects here in the US, while focusing
on earnings growth and improving our profitability.”
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. (the “Company”) is a global provider of
photovoltaic (“PV”) solutions for business, residential, government
and utility customers and investors. The Company develops solar PV
projects that are either sold to third party operators or owned and
operated by the Company for selling of electricity to the grid in
multiple countries in Asia, North America and Europe. The Company’s
subsidiary in Australia primarily sells solar PV components to
retail customers and solar project developers. The Company has its
operating headquarters in Hong Kong and Santa Clara, California and
maintains global operations in Asia, Europe, North America and
Australia.
For inquiries, please contact:SPI Energy Co., Ltd.IR
DepartmentEmail: ir@spigroups.com
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