SPI Solar, the Roseville-based solar-energy developer, on Tuesday announced an agreement to sell $48.25 million of common stock shares in a private placement.
The company said it will use the proceeds to expand its international activities, ramp up its solar program for residential and small-business customers and for general working capital purposes. In recent weeks, SPI has announced a series of overseas solar projects.
Under terms of the agreement, SPI Solar will sell more than 41 million shares of common stock at $1.17 cents per share. Additionally, SPI said the lead investor will have an option to purchase 17.2 million shares of common stock at a purchase price of $20,125,000 on or prior to Nov. 21. The shares are being sold solely to non-U.S. investors in a private offering.
SPI said it anticipates that the shares sale will close within 40 days, subject to closing conditions.
In July, SPI announced the sale of $25 million of common stock shares in a private placement.