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ROSEVILLE, Calif.—November 12, 2014 - Solar Power, Inc. ("SPI" or "SPI Solar") (OTCBB: SOPW), a vertically-integrated photovoltaic ("PV")developer, today announced that its wholly owned subsidiary, SPI Solar Power (Suzhou) Co., Ltd. ("SPI Meitai"), has entered into a framework agreement to acquire Guodian Nailuen Tumed Left Banner PV Electricity Co., Ltd. ("Guodian Nailuen"). Guodian Nailuen, a PV project company, operates 65 megawatts ("MW") of existing PV projects in Tumed Left Banner County, Nailuen, Inner Mongolia, which were connected to the grid in 2013.
The aggregate purchase price to acquire Guodian Nailuen is RMB621.9 million (US$101.3 million), of which RMB400 million (US$65.2 million) is in the form of lease financing. The aggregate purchase price will be made over the course of one year in different installments.
"We are pleased to announce our intention to acquire Guodian Nailuen," said Xiaofeng Peng, Chairman of SPI. "This acquisition will add to our growing portfolio of operating PV assets, which we believe will create meaningful value for SPI shareholders."
About Solar Power, Inc. (OTCBB: SOPW):
Solar Power, Inc. ("SPI" or "SPI Solar") is a vertically-integrated PV developer offering its own brand of high-quality, low-cost distributed generation and utility-scale solar energy facility development services. From project development, to project financing and to post-construction asset management, SPI delivers turnkey world-class PV energy facilities and turnkey residential solar solutions to its business, government and utility customers. For additional information visit: .
Safe Harbor Statement:
This release may contain certain "forward-looking statements" relating to the business of SPI Solar, its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates," "expects" or similar expressions. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including uncertainties regarding whether the Company will successfully acquire Guodian Nailuen as noted in this release. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risks and other factors detailed in the company's reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
Currency Convenience Translation
Unless otherwise noted, the conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of September 30, 2014, which was RMB6.1380 to U.S. $1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.
Amy Liu, Solar Power, Inc. (800) 548-8767