Roseville-based solar-energy developer SPI Solar, which has been slammed with a series of quarterly financial losses, said today that it is going to more closely align its operations with LDK Solar Co., its China-based parent company.
SPI said the realignment came "after a thorough review of business and construction financing conditions in the solar industry that have impacted SPI.
"As part of this realignment, the company plans to expand its project business in China while continuing operations in North America and Europe."
Xiaofeng Peng, chairman of the board of SPI and LDK, said: "We believe these initiatives will enable improved access to construction financing, provide continuity for SPI's customers and help drive enhanced stockholder value for both companies."
SPI said Steve Kircher, former CEO and president of SPI since its inception in 2006, will continue to serve as the company's chief strategy officer to focus on corporate strategies and business development.
SPI lost $6.8 million, or 3 cents per share, for the quarter that ended June 30, compared with a net loss of $2.1 million in the year-ago period.
The latest negative numbers came on top of a loss of $3.1 million in the first quarter and a loss of $25.6 million, or 13 cents a share, for all of 2012.
In a Securities and Exchange Commission filing earlier this year, SPI warned of "substantial doubt as to the company's ability to continue as a going concern."
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Call The Bee's Mark Glover, (916) 321-1184.