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

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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.

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.

19 October 2021
This year’s EV World Congress will hold a special role, not only as the first live EverythingEV event in over a year – a chance to renew your connections and re-engage with the EV sector face to face – but also as a chance to share insight and inspiration as world starts to look towards move on post COVID towards hitting ambitious decarbonisation goals in 2030 and beyond. As ever, we will be bringing world leading organisations, cities, and technology providers to the UK to inspire EV innovators, and delve into the challenges facing the sector as the UK looks to revolutionise road transport.
20 October 2021
Utility-scale solar is evolving, shaped by higher power modules and demand for increasingly lower levelised cost of electricity (LCOE). Those trends are also changing project requirements elsewhere, with inverters capable of delivering high power density and power capacity in strong demand. In this webinar, FIMER will detail how its innovative high-power, multi-MPPT string inverter and modular conversion solution can both meet those demands and transform the utility-scale solar sector for the better.
20 October 2021
The race is on but we need to sprint… With global climate talks fast approaching and time running out to prevent the most disastrous impacts of climate change, now is the time to act. The Summit will explore the opportunities that emerge from taking action on climate change and provide a clear pathway forward for governments, citizens and companies. Taking place just 10 days before the G20 meeting in Rome, on 30-31 of October, and in the lead up to the critical COP26 meeting in Glasgow from 31 October–12 November, this event will be instrumental in influencing ambitious global action.
10 November 2021
The solar tracker market continues to mature at breakneck speed, with designs and component selections becoming ever-more complex in the pursuit of better project economics. But a more simplistic design could deliver a triple benefit of lower Capex, EPC and Opex costs. This webinar will set out the ideal single axis tracker design for utility-scale solar farms. The design leapfrogs from decades of experience, with a comprehensive understanding and attention to the three cost structures of Capex, EPC and Opx. Sun and Steel Solar has prototyped a single axis tracker designed to deliver up to US$0.03/W in real savings compared to existing single axis trackers on the market. That’s US$30 million for every gigawatt deployed.
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The 10th edition of the famous Metallization and Interconnection Workshop, MIW2021, will take place in the Thor Central venue in Genk, Belgium, on Monday, November 15, and Tuesday, November 16, 2021 as a face-to-face meeting. We are longing for direct exchange of knowledge and ideas after a long time. Hopefully you can be part of it! But of course, the organizors will keep an eye on the evolution of the Covid pandemic. It will be assess carefully, whether the workshop can be held without major risks or excessive restrictions. We are looking forward to exciting talks, discussions and meetings and to welcoming you in Genk!
23 November 2021
The solar, storage and EV industries in the UK are going from strength to strength. There is no better place for the community to meet, share ideas and do business than Solar & Storage Live from 23-25 November at the NEC.There’s something for everyone; more than 150 exhibitors, a high-level conference, a start up and innovation zone, a poster zone, strategic partners to network with and much more. 

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