Solar Power Inc. has signed new agreements to develop more than 120 megawatts of solar power projects in Panama and China, plus announced a major push into the potentially lucrative Australian market.
SPI, which started in Roseville in 2006, moved its headquarters to Shanghai, China, this year but continues to operate a Roseville office.
SPI recently entered into a joint development agreement with SG Panama Solar LLC, a division of SDL Solar, to develop, build, own and operate solar projects in the Republic of Panama. The agreement calls for SPI to provide technical and financial support to complete the development and implementation of more than 100 megawatts solar projects. SPI will hold a controlling interest SG Panama Solar LLC.
SPI also announced that a wholly owned subsidiary, SPI Solar Power Engineering Co. Ltd., has signed an agreement with Jingzhaolai PV Power Co. Ltd. of north China’s Inner Mongolia region to provide engineering, procurement and development services for a 20-megawatt solar project.
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Construction is expected to begin this month, with grid connection anticipated in June in Inner Mongolia.
In a separate deal, SPI said this week that its subsidiary, SPI China (HK) Limited, has a share purchase agreement to acquire 80 percent of the outstanding capital stock of Solar Juice Pty Ltd., billed as the leading solar panel wholesale distribution business in Australia. The transaction is subject to closing conditions.
Call The Bee’s Mark Glover, (916) 321-1184.