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

September 18, 2025
The Canadian Renewable Energy Association (CanREA) has forecast that Canada will add between 17GW and 26GW of solar PV over the next decade.
September 18, 2025
Researchers have called for enhanced international standards to detect ultraviolet-induced degradation (UVID) in PV modules after identifying “severe” levels of the problem in operational n-type panels.             
September 18, 2025
Indian PV makers have welcomed the government’s plan to add solar wafers to its ALMM List-III from June 2028.
September 17, 2025
US renewables developer Longroad Energy has reached financial close for its 400MW 1000 Mile solar project in the US state of Texas.
September 17, 2025
Spanish renewables developer and operator Acciona Energía has commissioned its 412MWp Juna solar PV plant in Kawani village in the western state of Rajasthan. 
September 17, 2025
Spanish IPP Velto Renewables has acquired a portfolio of 53 operational solar assets in Spain with a combined capacity of 260MW.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA