Solar Power Inc (SPI) has announced the sale of its entire stake in the 9.5 MW Grange Farm solar plant, located in the east of England, to the BlackRock Renewable Income UK Fund.
SPI China, a wholly-owned subsidiary of Solar Power Inc, has entered into a definitive agreement to sell the entire issued share capital of Solar Park Developments 3 Ltd ("Grange Farm"), which holds the asset. The completion of the transaction is subject to the satisfaction of customary closing conditions.
Located in Kirkby on Bain, Lincolnshire, the 9.5 MW photovoltaic (PV) plant was connected to the UK's national grid in March 2015. Qualifying for the Renewables Obligation (RO) scheme, the Grange Farm project will receive 1.4 Renewable Obligation Certificates (ROCs) per MWh for the next 25 years.
Xiaofeng Peng, Chairman of SPI, has commented:
"We are pleased to partner with BlackRock, one of the leading global infrastructure investors, on the sale of Grange Farm. We believe this transaction is a testament to SPI's growing track record of delivering bankable solar power solutions in the UK market and globally."
BlackRock's Managing Director, Rory O'Connor, stated the following:
"We are very pleased to work with SPI on this long-term, all-equity investment in the Grange Farm solar power project, part of BlackRock's significant investment programme in the UK renewables sector."
As we reported earlier this week, SPI very recently announced a US$50 million share repurchase program over the next six months. Focused on the downstream photovoltaic (PV) market, Solar Power Inc is involved in the development, financing, installation, operation and sale of utility-scale and residential solar power projects in China, Japan, Europe and North America.