SPI Solar announces completion of $25m private placement, acquires assets

SPI Solar, a vertically integrated photovoltaic solar developer with corporate headquarters in California and offices in China and Italy, announced on Wednesday the completion of its private placement of common stock for an aggregate $25.0 million, as announced on July 29, 2014.

Net proceeds are expected to be used for expansion of SPI’s global photovoltaic (PV) project activities, continued investment in ramping its YES!® Solar solution for the residential and small business segments, and for working capital purposes.

SPI Solar said yesterday that it will purchase and develop 19MW of distributed generation projects in China via a subsidiary, Xinyu Xinwei New Energy Co. The 19MW will be spread across four rooftop sites in Shouguang, Shandong Province.

SPI Solar also announced it will acquire solar PV assets from Hawaiian Power LLC, including equity interests and debt, in a joint venture that was formed by the two companies. SPI said it will therefore take ownership of “approximately 15MW” under development in Hawaii. The deal was worth US$3.95 million, paid in cash and shares.

SPI Solar is currently also developing 1MW of Hawaiian PV in a separate deal, across four 0.25MW plants, scheduled for completion in the last month of this year.

SPI Solar had revealed in the second week of this month that it was acquiring SinSin Renewable Investment Limited, a Malta-headquartered company which owns 26.57MW projects in Greece for €70 million (US$91.78 million). Under the terms of the deal, SinSin could also appoint SPI Solar to develop up to 360MW of further Greece projects.

SPI Solar has also acquired in September the rights to develop two solar PV projects in the U.K. totaling 30.5 MW.