SPI Solar acquires PV assets in Hawaii, Greece and 19MW of DG in China

Facebook
Twitter
LinkedIn
Reddit
Email

LDK Solar majority-owned developer SPI Solar has announced a wave of acquisitions and forthcoming projects in China and Hawaii, having also acquired 26.57MW of projects in Greece in the first week of September.

SPI Solar, with corporate headquarters in California and offices in China and Italy, said yesterday that it will purchase and develop 19MW of distributed generation projects in China via a subsidiary, Xinyu Xinwei New Energy Co.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The 19MW will be spread across four rooftop sites in Shouguang, Shandong Province, expected to be completed by the end of this year and representing the company’s second acquisition of distributed generation projects in the province. China has an ambitious nationwide target in place to install 8GW of distributed solar, which helped to place it at the top of Ernst & Young’s rankings of the world’s most attractive destinations for renewable energy investment earlier this week.

SPI Solar will also acquire solar PV assets from Hawaiian Power LLC, including equity interests and debt, in a joint venture that was formed by the two companies. SPI said it will therefore take ownership of “approximately 15MW” under development in Hawaii. The deal was worth US$3.95 million, including half a million dollars in cash and 3 million shares of SPI Solar common stock, listed at US$1.15 per share. The deal is expected to be closed by the end of this month.

SPI Solar is currently also developing 1MW of Hawaiian PV in a separate deal, across four 0.25MW plants, scheduled for completion in the last month of this year. Along with another 2.5MW of development rights recently acquired, this will bring SPI Solar’s direct involvement in Hawaii projects up to 17.5MW. SPI says all of this PV will be connected by the end of next year.

SPI’s chairman Xiaofeng Peng described Hawaii as among the most attractive markets for solar in the US. The islands already have a high level of renewable penetration, with around one in ten homeowners estimated to have PV on their rooftops as well as large-scale projects under development. The Hawaii Electric Company recently put out a tender for 60MW to 200MW of energy storage to help integrate newly added renewable energy capacity, which Dean Frankel of analysis firm Lux Research has written about for PV Tech’s sister site PV Tech Storage.

SPI Solar had revealed in the second week of this month that it was acquiring SinSin Renewable Investment Limited, a Malta-headquartered company which owns 26.57MW projects in Greece for EU70 million (US$91.78 million). Under the terms of the deal, SinSin could also appoint SPI Solar to develop up to 360MW of further Greece projects.

While parent company LDK Solar is undergoing restructuring, which has included several of its US subsidiaries filing for bankruptcy, SPI Solar also announced this week that it closed a private placement of common stock worth more than US$20 million, which opened at the end of July 2014. The freed up capital will be used to ramp up SPI Solar’s YES! Solar solution – a package deal for clients that includes LDK Solar modules and a dealer/installer financing package targeted at commercial and residential markets in the US.

Read Next

Premium
October 13, 2025
Brett Beattie of Castillo Engineering looks at some of the key land grading work that can make multimillion-dollar differences to projects.
October 13, 2025
Korean chemical production firm OCI Holdings has acquired a 65% stake in a Vietnamese solar wafer production plant, intending to export solar wafers to the US.
October 13, 2025
The world is on pace to exceed 3TW of cumulative solar installations by the end of the year, according to a report from DNV.
October 13, 2025
The Trump administration has cancelled the 6.2GW Esmeralda 7 solar project in Nevada – once touted as one of the largest in the world.
October 13, 2025
Two Chinese state-owned energy enterprises have signed cooperation agreements on PV and wind power projects with Saudi companies, with the total contract value exceeding RMB30 billion (US$4.2 billion). 
October 13, 2025
Grenergy has begun construction on a 340MW solar project with 960MWh of energy storage in El Cabrero, located in Chile’s Biobío region. 

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK