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SHANGHAI, Dec. 16, 2016 /PRNewswire/ -- SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (Nasdaq: SPI), a global clean energy market place for business, residential, government and utility customers and investors, today announced that it has acquired 50% equity interest in two solar projects ("EAG 5&6" or the "Projects"), currently under construction with combined capacity of 3.98 MW, from Japan-based EastAsia Group Co., Ltd. ("EAG").
The Projects, located approximately 50 kilometers east of Tokyo in Chiba Prefecture and each with capacity of 1.99 MW, are currently under construction. The Projects are under certain power purchase agreement with Tokyo Electric Power Company, one of the major electricity suppliers in Japan, servicing Tokyo and surrounding areas. The Projects are also eligible for feed-in-tariff for 20 years upon completion and connection to grid. Both the Company and EAG plans to sell its stakes in the Projects to a third party by the first quarter of 2017. The Projects are expected to complete and connect to grid by the third quarter of 2018.
Established in February 2004, EAG is a financial firm with significant presence in clean energy financing and development in Japan and with offices in both Tokyo and Shanghai.
"Today's announcement marked our second cooperation with EAG, following successful co-development of a 1.99 MW solar project in Kashima, Ibaraki Prefecture since November 2014. We look forward to broadening our cooperation with EAG in the coming years," said Xiaofeng Peng, Chairman and Chief Executive Officer of SPI Energy.
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. ("SPI Energy" or the "Company") is a global clean energy market place for business, residential, government and utility customers and investors. SPI Energy focuses on the downstream PV market including the development, financing, installation, operation and sale of utility-scale, residential/commercial solar power and storage projects, and clean energy solution provider in China, Japan, Europe and North America. The Company operates an innovative online energy e-commerce and investment platform, www.solarbao.com, which enables individual and institutional investors to purchase innovative PV-based investment and other products; as well as www.solartao.com, a B2B e-commerce platform offering a range of PV products for both upstream and downstream suppliers and customers. The Company has its operating headquarters in Shanghai and maintains global operations in Asia, Europe, North America and Australia.
Safe Harbor Statement
This release contains certain "forward-looking statements." These statements are forward-looking in nature and subject to risks and uncertainties that may cause actual results to differ materially. All forward-looking statements included in this release are based upon information available to the Company as of the date of this release, which may change, and the Company undertakes no obligation to update or revise any forward-looking statements, except as may be required under applicable securities law.
For investors and media inquiries please contact:
Investor Relations Department
SPI Energy Co., Ltd.
+86 21 8012 9135
Tony Tian, CFA
Weitian Group LLC
+1 732 910 9692