China's Solar Power, Inc. (SPI) has signed a deal with British PV project developer RE Projects Development (REPD) to co-develop 25 MW of solar PV projects in the United Kingdom.
As part of the agreement, SPI and REPD, which focuses on utility-scale plants, will co-develop grid-connected projects of under 5 MW throughout South Wales, South East Midlands and Northern England.
SPI expects the projects to be completed and sold by the third quarter of 2015, contributing significantly to its revenue this year. Additional projects will be added to the portfolio as REPD and SPI secure suitable project sites.
The projects will have accreditation under the U.K.'s Feed-in-Tariff (FiT) scheme or Renewables Obligation Certificates (ROCs) at rates of 1.3 ROCs per megawatt hour.
SPI Chairman Xiaofeng Peng welcomed the company's new partnership and described the U.K. as "one of the strongest PV markets globally," adding, "Given investors' interest in these attractive projects due to their eligibility to receive FiT and ROC 1.3 incentives, this partnership further cements SPI's footprint in this core market, and brings additional diversification to our global PV business."
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