SPI Solar has agreed to acquire Malta-based Sinsin Renewable Investment Limited (SRIL).
SRIL owns and operates solar plants in Greece, totalling 26.6MW that SPI will now acquire as part of the agreement.
Under the deal, SPI will acquire all of gain SRIL’s outstanding capital stock from shareholders Sinsin for €70.6 million.
To acquire the €70.6 million (US$93 million) in stock, SPI will use cash and US$27.5 million in shares. SPI’s shares are to be sold at US$0.72. Financial close is scheduled for September.
As part of the acquirement agreement, Sinsin can also use SPI’s engineering, procurement and construction (EPC) services for up to 360MW of solar projects Sinsin intends to develop and invest in by 2017.
Min Xiahou, global chief executive of SPI, said; “We believe that this contemplated transaction is a ‘win-win’ for both parties, and SPI looks forward to expanding our global partnership with Sinsin as outlined in the EPC framework over the coming years.”