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.