PV project developer, SPI Solar has completed the acquisition of Sinsin Renewable Investment Limited (SRIL) in cash and shares totalling US$91.7 million on plans to develop 360MW of projects, primarily in Greece.
SPI Solar, controlled by former founder of Cayman Island registered LDK Solar, Xiaofeng Peng has made some rapid deals to re-establish SPI Solar’s PV project business, almost crippled due to the chronic financial position of its parent company.
The project developer has recently received cash infusions of around US$50 million from unnamed investors and has announced projects in China, Hawaii, Japan and now Greece.
SPI Solar is also trying to re-establish its ‘YES!’ solar solution for the residential and small business segments in North America, which had primarily been modules made by LDK Solar in China. It is not clear, due to the US anti-dumping ruling whether the YES! brand will be deployed in other regions and countries instead.
LDK Solar and SPI Solar previously had financial agreements with China Development Bank to support SPI’s projects, which were locked into purchasing LDK Solar’s modules. It is not clear whether this arrangement remains in place at present and is actually been drawn down.
However, the completed deal to buy Sinsin Renewable Investment provides SPI with 26.57MW to its global portfolio and potentially a further 360MW of projects from Sinsin’s pipeline, according to SPI.
SPI Solar only had sales of US$9.9 million in the first six months of 2014.