SHANGHAI, April 19, 2016 /PRNewswire/ -- SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (Nasdaq: SPI), a global provider of photovoltaic (PV) solutions for business, residential, government and utility customers and investors, today announced that its subsidiary Gonghe Xinte Photovoltaic Power Generation Co., Ltd. has entered into a 10-year leasing agreement with China Kangfu International Leasing Co., Ltd. ("China Kangfu"), pursuant to which China Kangfu has already provided financing of RMB140 million to support the 20 megawatts Gonghe Xinte solar power project in Qinghai Province.
Under the agreement, both parties shall establish a long-term strategic partnership leveraging their respective strengths and collaborate to promote clean renewable energy projects. China is aiming to triple its solar power capacity by the year 2020 to as much as 143 gigawatts to help reduce carbon emissions, according to the country's National Energy Administration.
China Kangfu is one of the pioneers of China's financial leasing industry. Founded in 1988 and headquartered in Beijing, its major business areas cover energy and electricity, equipment manufacturers outsourcing, healthcare, and operating and cross-border leasing. China Kangfu's shareholders include Sany Group, the largest heavy machinery manufacturing firm in China, and Morgan Stanley, the global investment bank.
"We are pleased to build a long-term partnership with China Kangfu to capitalize on the fast-growing solar market in China," said Xiaofeng Peng, Chairman and CEO of SPI Energy. "SPI has an outstanding global portfolio of PV power projects and we believe that China Kangfu's strong financial resources and industry experience makes it an ideal local partner to support our growth strategy and enhance our leading position in the solar industry."
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. is a global provider of photovoltaic (PV) solutions 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 and residential solar power projects 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.
About China Kangfu International Leasing Co., Ltd.
Founded in 1988 and headquartered in Beijing, China Kangfu International Leasing Co., Ltd. is an important financial leasing subsidiary under the State Power Investment Corporation (SPIC). Its major business areas cover energy and electricity, equipment manufacturers outsourcing, healthcare, and operating and cross-border leasing. China Kangfu is the largest financial leasing company listed on China's New Third Board in terms of market capitalization (stock code: 833499.NE). Its shareholders include Sany Group, the largest heavy machinery manufacturing firm in China, and Morgan Stanley, the global investment bank.
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.
SOURCE Solar Power, Inc.