Solar Power Inc. (OTCBB: SOPW) said March 30 that its wholly owned subsidiary, SPI China (HK) Ltd., has entered into a share purchase agreement with LDK Solar Europe Holding S.A. and LDK Solar USA Inc. to acquire certain assets including 4.5 MW of solar PV projects in Italy and 7.8 MW of solar PV projects in California, respectively.
Under the terms of the share purchase agreement, SPI will acquire all of the outstanding capital stock of the holding companies of these solar PV projects owned by LDK Solar Europe Holdingand LDK Solar USA. This transaction is subject to several closing conditions including completion of satisfactory due diligence.
Xiaofeng Peng, Chairman of SPI, stated: “We are pleased to announce this agreement which, upon closing, will add significant in-operation assets in Europe and the US to SPI’s globally diversified PV portfolio. The acquisition of high-quality assets in key markets will continue to be an important part of our strategy to strengthen SPI’s global presence.”
Solar Power said it is a global leader in enabling photovoltaic solutions for business, residential, government and utility customers and investors. SPI focuses on the downstream PV market including the development, financing, installation, operation and sale of utility-scale and residential solar power projects in China, Japan, Europe and North America. The company has its operating headquarters in Shanghai and global operations in Asia, Europe and North America.