July 22, 2014 - SPI Solar today announced that its wholly-owned subsidiary, Xinyu Xinwei New Energy Co., Ltd., has entered into two new PV project-related agreements. The first agreement calls for the sale and transfer of a 50MW project in Fenyi County, China. This project has now been sold to Xinyu Zhongzhi Guoxiang New Energy Electric Power Investment Development Co., Ltd., and Xinwei will continue to build and develop the project toward completion as planned.
In addition, SPI Solar announced that Xinwei has entered into an engineering, procurement and construction ("EPC") agreement with Xinyu Zhongzhi Guoxiang New Energy Electric Power Investment Development Co., Ltd. for the construction of a separate 21MW project in Jiangxi Province. The construction of this project under ownership by Xinyu Zhongzhi Guoxiang New Energy Electric Power Investment Development Co., Ltd. is expected to begin in the third quarter of 2014 with completion anticipated by the end of 2014.
"We are pleased to announce SPI's participation in these significant PV project developments," said Min Xiahou, Global Chief Executive Officer of SPI. "Coupled with our other recent initiatives in China, these agreements strengthen SPI's growing track record in providing world-class PV project development services to Chinese partners and customers."
Xiaofeng Peng, Chairman of SPI, added, "These agreements further underscore SPI Solar's belief that China will become one of the world's largest markets for solar PV projects. SPI Solar will continue to invest in enhancing its capabilities to deliver turnkey solutions for PV project development in China."