EPC and PV project developer Solar Power, Inc (SPI Solar) reported third quarter 2014 sales of US$26.7 million, compared to US$6.3 million in the prior quarter, due to its shift to EPC and PV project development in China and major cash injections from unidentified investors.
The company noted that the majority of revenue generated in the third quarter was due to utility-scale PV projects in Hawaii and sales to two customers in China, Zhongzhi Guoxiang New Energy Power Investment Development Co., Ltd. and Xingxia Hengji Weiye Photovoltaic Power Co., Ltd.
The company raised US$46.7 million through common stock issues and convertible bonds in the first nine months of 2014, as well as a further private placement, netting US$43.3 million in October.
However, SPI reported a third quarter loss of US$7.7 million and a loss of US$9.9 million for the first nine months of the year. The loss was said to be primarily due to the cancellation of an US$11 million convertible bond with a non-US investor put at US$8.9 million.
Cash and cash equivalents were US$12.8 million, compared with only US$1.0 million at the end of 2013.
Xiaofeng Peng, chairman of SPI said: “Earlier this year, SPI began an ambitious effort to revitalise and grow the company by taking advantage of a huge and sustainable opportunity in global solar downstream project development. As a result of these moves to strengthen our team, raise additional capital and secure important projects and EPC service agreements, we have laid the foundation for further rapid scaling of SPI’s global businesses looking into 2015. Particularly in China, we believe that SPI is well-positioned to capitalise on above-average market growth forecasts to become one of the largest PV project development companies there.”
SPI has also established a new subsidiary in Japan to acquire SPI’s first PV project and debut in the Japanese market.