Solar Power Inc. (OTCBB:SOPW), a vertically-integrated photovoltaic (PV) developer, said April 2 that it has entered into a definitive agreement to acquire 100% of the interest in the 6.02-MW solar projects known as “Aerojet,” located in Rancho Cordova, California.
The acquisition is subject to several closing conditions including completion of satisfactory due diligence. Built in 2009 and 2010 by Solar Power (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 Gov. Arnold Schwarzenegger to serve as the backdrop for the signing of the executive order for California’s 33% Renewable Portfolio Standard. SPI now proposes the re-acquisition of these projects into its existing operating portfolio.
“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.
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.