PV project developer, SPI Solar is raising US$43.8 million in a private placement with a subsidiary of Evergrande Real Estate Group, said to be one of the largest real estate developers in China.
The proceeds are to be used for developing PV projects in China and include taking a share holding in a beverages distributor, Guocang Group Limited with Evergrande that will lead to collaboration on PV projects in China.
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SPI Solar said it would be providing technical support and services to both companies.
SPI Solar had raised almost US$100 million in recent months as it acquires develops and forms cooperative agreements to build its PV project piepline again.
