California-based PV developer Solar Power, Inc. (SPI) has signed a $140 million private placement deal aimed at financing the group’s future growth.
Shi Yuzhu, founder of Giant Interactive Group Inc., a leading online game developer and operator that is listed on the New York Stock Exchange, and China Dongxiang Company Limited, a leading international sportswear brand enterprises in China that is listed on the Hong Kong Stock Exchange, led the private placement.
SPI Chairman Xiaofeng Peng said the investment underscored Shi and Dongxiang’s strong confidence in the solar company and its growth potential. "We believe this additional capital will enable us to continue SPI’s impressive growth trajectory and benefit all of our shareholders."
As part of the deal, Shi, Dongxiang and other investors will receive $35 million in SPIs common stock and $35 million of convertible promissory notes as well as options to purchase a further $70 million of the companys common stock.
SPI added that it intends to use the net proceeds from the transaction for expansion of the companys global PV project activities as well as general corporate purposes.