Chinese solar developer, SPI Solar has confirmed several agreements with Chinese solar company, GD Solar, including 1.5GW of solar development.
SPI and GD Solar will develop 500MW of solar in China, each year from 2015 to 2017, according to a company statement released today.
SPI will gain equity of new projects, while GD will provide engineering, procurement and construction (EPC) services.
Under the agreements, SPI subsidiary, SPI Solar Power Suzhou, is to acquire completed and developing solar projects from GD Solar, in China.
GD Solar, a subsidiary of Guodian Technology & Environment Group Corporation Limited has agreed SPI Suzhou will also acquire 100MW of projects in Jinchang City, Gansu Province for RMB960 million (US$156.9 million), 10MW in Chaoyang City, Liaoning Province, for RMB100 million (US$16.3 million), and 50MW in Xinghe County, Inner Mongolia, for RMB515 million (US$84.1 million).
Payments are to be made in cash and SPI shares, with portions of payments to go towards GD Solar undertaking EPC services.
SPI also gained rights to refuse project purchases from GD.
Xiaofeng Peng, chairman of SPI said: “We plan to leverage our unique strengths to grow our businesses and expand our roles in the development of PV power in China.”