Print Page      Close Window     

Press Releases

SPI Announces Agreement to Acquire Majority Interest in Solar Juice

Acquisition marks SPI's entry into large Australia solar PV market

PR Newswire
SHANGHAI

SHANGHAI, March 31, 2015 /PRNewswire/ -- Solar Power, Inc. ("SPI") (OTCBB:SOPW), a vertically-integrated photovoltaic ("PV") project developer, today announced that its wholly owned subsidiary, SPI China (HK) Limited, has entered into a definitive share purchase agreement to acquire 80% of the outstanding capital stock of Solar Juice Pty Ltd ("Solar Juice"), the leading solar PV wholesale distribution business in Australia in 2013 and 2014 by wholesale volume, according to SolarBusinessServices, Pty Ltd ("SBS"),an independent Australia-based research and consulting firm.

Under the terms of the share purchase agreement, SPI will acquire from entities controlled by Solar Juice's shareholders 80% of the outstanding capital stock of Solar Juice for an aggregate consideration of approximately $25.5 million in SPI common stock. This transaction is subject to several customary closing conditions.

Andrew Burgess, co-founder of Solar Juice, commented, "We have spent over 5 years building Solar Juice into the leading PV wholesale distribution business in Australia. Given the huge potential we see in the Australia PV market in the coming years, we felt the timing was right for Solar Juice to seek additional resources to capture this once-in-a-lifetime opportunity. We think we have found the ideal partner in SPI, which has demonstrated a remarkable track record of growth since last year." Rami Fedda, co-founder of Solar Juice, added, "We are pleased to partner with SPI, and have already identified a number of areas where the combination of our organizations can leverage more opportunities than as standalone businesses."

According to SBS, Australia had more than 3 gigawatts (GW) of cumulative installed PV capacity, including more than 750 MW installed during 2014, dominated by the residential segment in recent years. However, SBS noted that the large commercial segment in Australia almost doubled in size in 2013, and that other significant opportunities exist in large-scale solar project developments, the provision of engineering, procurement and construction ("EPC") services and a rapidly expanding market for power purchase agreements ("PPAs").

"We are particularly excited to announce this landmark transaction with Solar Juice," said Xiaofeng Peng, Chairman of SPI. "We have been evaluating for some time the best entry point into the very promising Australia market, and we are confident this transaction gives SPI the strongest local platform to address this tremendous market opportunity. We feel this is truly a win-win arrangement for both companies, and we look forward to working closely with our new partners and shareholders at Solar Juice."

About Solar Power, Inc. (OTCBB:SOPW)

Solar Power, Inc. ("SPI" or the "Company") is a global leader in enabling photovoltaic ("PV") solutions for business, residential, government and utility customers and investors. 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 also 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. The Company has its operating headquarters in Shanghai and global operations in Asia, Europe and North America.

For additional information visit: www.spisolar.com or www.solarbao.com .

About Solar Juice Pty. Ltd.

Solar Juice is an Australian company that is a wholesale distributor of solar panels, solar inverters, components and complete solar systems. Solar Juice supplies a national network of customers that are located in every state and territory of Australia.

For additional information visit: www.solarjuice.com.au.

Safe Harbor Statement

This release contains certain "forward-looking statements" relating to the business of SPI, 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 contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including uncertainties regarding whether the transactions contemplated will be successfully completed. 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.

Contact:

Amy Liu, Solar Power, Inc. (800) 548-8767

SOURCE Solar Power, Inc.

SOURCE: Solar Power, Inc.

SPI Announces Agreement to Acquire Majority Interest in Solar Juice

Acquisition marks SPI's entry into large Australia solar PV market

PR Newswire

SHANGHAI, March 31, 2015

SHANGHAI, March 31, 2015 /PRNewswire/ -- Solar Power, Inc. ("SPI") (OTCBB:SOPW), a vertically-integrated photovoltaic ("PV") project developer, today announced that its wholly owned subsidiary, SPI China (HK) Limited, has entered into a definitive share purchase agreement to acquire 80% of the outstanding capital stock of Solar Juice Pty Ltd ("Solar Juice"), the leading solar PV wholesale distribution business in Australia in 2013 and 2014 by wholesale volume, according to SolarBusinessServices, Pty Ltd ("SBS"),an independent Australia-based research and consulting firm.

Under the terms of the share purchase agreement, SPI will acquire from entities controlled by Solar Juice's shareholders 80% of the outstanding capital stock of Solar Juice for an aggregate consideration of approximately $25.5 million in SPI common stock. This transaction is subject to several customary closing conditions.

Andrew Burgess, co-founder of Solar Juice, commented, "We have spent over 5 years building Solar Juice into the leading PV wholesale distribution business in Australia. Given the huge potential we see in the Australia PV market in the coming years, we felt the timing was right for Solar Juice to seek additional resources to capture this once-in-a-lifetime opportunity. We think we have found the ideal partner in SPI, which has demonstrated a remarkable track record of growth since last year." Rami Fedda, co-founder of Solar Juice, added, "We are pleased to partner with SPI, and have already identified a number of areas where the combination of our organizations can leverage more opportunities than as standalone businesses."

According to SBS, Australia had more than 3 gigawatts (GW) of cumulative installed PV capacity, including more than 750 MW installed during 2014, dominated by the residential segment in recent years. However, SBS noted that the large commercial segment in Australia almost doubled in size in 2013, and that other significant opportunities exist in large-scale solar project developments, the provision of engineering, procurement and construction ("EPC") services and a rapidly expanding market for power purchase agreements ("PPAs").

"We are particularly excited to announce this landmark transaction with Solar Juice," said Xiaofeng Peng, Chairman of SPI. "We have been evaluating for some time the best entry point into the very promising Australia market, and we are confident this transaction gives SPI the strongest local platform to address this tremendous market opportunity. We feel this is truly a win-win arrangement for both companies, and we look forward to working closely with our new partners and shareholders at Solar Juice."

About Solar Power, Inc. (OTCBB:SOPW)

Solar Power, Inc. ("SPI" or the "Company") is a global leader in enabling photovoltaic ("PV") solutions for business, residential, government and utility customers and investors. 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 also 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. The Company has its operating headquarters in Shanghai and global operations in Asia, Europe and North America.

For additional information visit: www.spisolar.com or www.solarbao.com .

About Solar Juice Pty. Ltd.

Solar Juice is an Australian company that is a wholesale distributor of solar panels, solar inverters, components and complete solar systems. Solar Juice supplies a national network of customers that are located in every state and territory of Australia.

For additional information visit: www.solarjuice.com.au.

Safe Harbor Statement

This release contains certain "forward-looking statements" relating to the business of SPI, 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 contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including uncertainties regarding whether the transactions contemplated will be successfully completed. 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.

Contact:

Amy Liu, Solar Power, Inc. (800) 548-8767

SOURCE Solar Power, Inc.

Web Site: http://www.solarjuice.com.au