US company SPI Solar
(OTCMKTS:SOPW) said yesterday it will take
possession of 26.57 MW of solar projects in Greece
through the EUR-70.6-million (USD 91.3m)
acquisition of Malta-based Sinsin Renewable
Investment Ltd, SRIL.
The target entity develops, buys, manages, owns
and operates solar projects in Greece.
Through its subsidiary SPI China (HK) Ltd,
photovoltaic (PV) project developer SPI Solar will
purchase SRIL’s outstanding capital stock from
Sinsin Europe Solar Asset and Sinsin Solar
Capital. The buyer will finance the acquisition
through a mixture of cash and SPI shares, it
noted, adding that the deal is seen to be wrapped
up this month.
SPI Solar noted that the agreement with Sinsin
Europe and Sinsin Solar Capital contains a
provision under which SPI might be selected to
deliver engineering, procurement and construction
(EPC) services for up to 360 MW of solar projects
in the next three years. Last week, the US
firmsigned a deal to purchase the rights for the
development, construction and operation of two
solar PV projects in the UK totalling 30.5 MW.
Source: SeeNews
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