U.S.-headquartered vertically integrated PV developer SPI Solar Power Inc. has announced this week the sale of $43.8 million of common stock via private placements.
The company will plow funds raised in the purchase agreement into further expanding its global solar ambitions, as well as ramping up its YES! Solar solution for small businesses and residential homeowners interested in installing solar systems.
Monies will also be steered into working capital purchases and a strategic investment in Guocang Group Limited an investment holding company based in Hong Kong.
SPI Solar's private placement round attracted keen interest from a number of investors, with the lead being Evergrande Real Estate Group, one of China's largest developers of property, with shares listed on the Hong Kong Stock Exchange.
As SPI Solar seeks to cement its position as one of the fastest-growing solar companies in China, the company has also unveiled a non-binding memorandum of understanding between it and Evergrande to subscribe to shares in Guocang Group Limited.
Overall, 31,739,500 SPI Solar shares were sold as part of the purchase agreement, selling for a price of $1.38 per share. Only non-U.S. investors were offered the shares, which were sold on a private placement basis in accordance with Regulation S under the U.S. Securities Act.
Sale of the shares will close around October 16, subject to the satisfaction or waiver of the closing conditions.
The company's expansion plans have proven bold in recent months. In September SPI Solar purchased Hawaiian Power LLC for $3.95 million and has since begun the construction of 1 MW of PV projects on the island and ownership of a 17.5 MW PV pipeline.
In August, its subsidiary Xinyu Xinwei New Energy Co secured an EPC contract to construct a 30 MW solar PV plant in China's Zhongwei City. SPI also has a 30.5 MW pipeline in the U.K., as well as close to 30 MW of PV projects underway in Greece.
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