SPI Solar has agreed to buy Malta-based Sinsin Renewable Investment Limited (SRIL), which owns solar photovoltaic projects in Greece with a combined capacity of 26.57 MW.
According to the agreement, SPI subsidiary SPI China will acquire all of SRIL's outstanding capital stock from shareholders Sinsin Europe Solar Asset and Sinsin Solar Capital for 70.6 million ($91.78 million), including cash and $27.5 million in SPI shares at $0.72 a share. The deal is expected to close in September.
Additionally, Sinsin has agreed to consider SPI and its subsidiaries for engineering, procurement and construction services for up to 360 MW of additional PV projects that Sinsin intends to invest in and/or develop over the next three years.
SPI said the deal marked "a significant milestone" in the expansion of its global solar asset portfolio.
SPI Global CEO Min Xiahou described the deal as a "win-win for both parties," adding that SPI looked forward to "expanding our global partnership with Sinsin as outlined in the EPC framework over the coming years."
SPI Chairman Xiaofeng Peng said the agreement represented "another major step in transforming SPI into a world-class, global company with a diversified, growing portfolio of high quality assets. SPI will continue to invest prudently in growing our business in order to maximize value for our shareholders and partners."