SPI buys 30 MW of PV project development rights in Japan

Solar Power, Inc. (SPI) is set to acquire 30 MW of solar PV projects in Japan.

The Shanghai-based PV developer’s Japanese unit, SPI Solar Japan G.K., signed an unspecified interest sale and purchase agreement with Re Capital K.K., a subsidiary of China Reinsurance (China Re), to acquire the development rights of approximately 30 MW of solar PV projects in the country.

SPI said it expected construction of the projects, located in Japan’s Kanagawa, Chiba, Ibaraki and Fukushima prefectures, to begin in May 2015, with completion and connection to the grid for all of the projects expected by the first quarter of 2016.

In addition, SPI and Re Capital K.K. also agreed to explore co-development opportunities of up to 100 MW of additional solar PV projects in Japan, subject to finalization of the deal.

"Today’s announcement marks an exciting expansion of our business activities in Japan, one of SPI’s core markets," said SPI Chairman Xiaofeng Peng. "The agreement also marks the beginning of our strategic collaboration with China Re to explore new opportunities in the global solar PV market."

On Tuesday, SPI announced a deal with Global Renewable to acquire 50 MW of solar PV projects in the United Kingdom.