SPI acquires 30.5 MW UK pipeline

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In a sign of the central role the UK is playing in the development of PV power plants in Europe, American developer SPI Solar will expand its pipeline in the country to a potential 80 MW.

“SPI is committed to establishing a significant presence in the UK solar market,” said SPI’s HK Cheong. “We believe the UK offers some of the most compelling investment opportunities globally for solar project development that have strong potential for generating meaningful return on investment.”

While it has its headquarters in San Francisco, SPI has developed an international footprint and has a European office in Milan, Italy. In 2012, SPI acquired Italian developer Solar Green Technologies from LDK Solar Europe.

Last month, SPI entered into an agreement to develop 55 MW of projects in the UK, with German firm Wircon.

In a release announcing its expanded UK pipeline, SPI noted the UK’s 15% renewable target by 2020.

“The UK is one of our key geographic focus markets, and we will continue to invest globally where SPI sees potential for attractive returns on invested capital,” said Cheong.

The UK deal announced yesterday by SPI means that the company will develop, finance, construct, own and operate the two projects worth 30.5 MW.