PV project developer, SPI Solar, has completed its private placement of newly issued shares that raised a total of US$21.75 million in new funding.
The company said that the net proceeds would be used for working capital purposes as well as to pay down debt, while improving SPI Solar's operational flexibility.
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Majority owned by struggling LDK Solar, SPI Solar has recently signed a 50MW agreement with Chinese provisional government, Fenyi County, Jiangxi Province, although no timelines for the project have been disclosed.
Min Xiahou, global chief executive of SPI said: “This should provide SPI Solar with greater flexibility by which to pursue our current solar business strategy.”
