SPI Solar to buy 19 MW of rooftop PV projects in China

Sep 19, 2014 - US company SPI Solar (OTCMKTS:SOPW) said Thursday it had agreed to acquire and develop 19 MW of distributed generation (DG) solar schemes in China’s Shandong province.

SPI’s unit Xinyu Xinwei New Energy Co Ltd has signed an agreement to purchase the special purpose vehicle (SPV) that owns the rights to the photovoltaic (PV) projects. It will install two 5-MW and two 4.5-MW solar arrays on rooftops in the city of Shouguang. The orders were placed by local manufacturers.

Construction is to kick off in September and is expected to conclude later in 2014. Just recently, SPI obtained preliminary approval for a 10-MW distributed PV project in the same province.

The solar scheme aligns with the new policies and programmes of the Chinese National Energy Administration (NEA), which aim to spur the development of the emerging DG market. In August, it was announced that China's central energy authority had set a goal of 13 GW for 2014 solar capacity additions, 5 GW of which in the GD sector.

Solar project developer SPI is majority-owned by China's LDK Solar Co Ltd (NYSE:LDK), which is in provisional liquidation in the US.

Choose your newsletter by Renewables Now. Join for free!