SPI Solar takes Solar Green Technologies over

Share

The acquisition will see 20 MW, or 33 systems added to SPI’s portfolio, from existing contracts in the Italian photovoltaic rooftop market under the Century program, and 25 MW, or 30 to 40 systems from the Epicuro Fund. The two founders of SGT will also stay on, as part of the agreement.

The €5 million purchase price will comprise around 13,400,533 shares of SPI common stock, said to be valued at approximately $0.45 per share, plus around $250,000 of cash to SGT’s founders. SGT was set up in 2008, and in 2009, China's LDK acquired a 70 percent interest in the company.

In a statement released by SPI, the company said, "SPI believes this acquisition will be financially accretive as SGT’s current book of business and pipeline of projects are currently expected to generate immediate revenue and earnings for SPI both near term and on an ongoing basis."

Stephen Kircher, SPI CEO, added, "The SGT acquisition is a perfect complement to our global growth strategy. In addition to providing a base for our business development and EPC activities as we expand our European efforts, SGT’s revenue and profitability goals align seamlessly with SPI’s. More importantly, this acquisition will enable SPI to accelerate our ramp toward our three-year goal of potentially developing approximately 500 megawatts in solar projects per year."

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Chinese developer switches on world’s largest perovskite-based PV plant

09 December 2024 MicroQuanta, a Chinese perovskite solar specialist, has commissioned a 8.2 MW PV facility based on its 90 W perovskite panels in eastern China.

Share

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.