PV project developer, SPI Solar reported sales in the second quarter of 2014 of US$6.3 million, compared with US$3.6 million in the previous quarter.
Majority-owned by struggling China-based LDK Solar, the project developer has recently received around US$50 million in third party financing from undisclosed sources to prevent the company from entering bankruptcy proceedings.
SPI Solar reported a net loss for the quarter of US$1.3 million, compared to a net loss of US$0.8 million, for the first quarter of 2014.
“During the quarter, we made significant progress in strengthening SPI as a platform for growth,” said Xiaofeng Peng, chairman of SPI Solar and LDK Solar. “Following the close of the quarter, we completed the previously announced private placement of US$21.75 million and entered into a new private placement agreement for an additional US$25.0 million. Importantly, these placements will dramatically improve our financial position and balance sheet to support our ambitious global growth strategy.”
SPI Solar had net sales of US$9.9 million in the first six months of 2014, while generating a net loss of US$2.1 million. The company has an accumulated deficit of US$58.2 million and liabilities totalling US$72.8 million.