Cyprus-based SP Orange Power entered into a framework share purchase agreement on September 20, 2017. The company will acquire 100% equity interests in Thermi Sun S.A, Heliohrisi S.A., and Heliostixio, S.A, which are subsidiaries of Thermi Taneo Venture Capital Fund (TTVCF), for €16.65 million.
A total of 7.4 MWp at four sites in northern Greece are owned by the three acquired companies. The projects have been connected to the Greek power grid since July 2012 and are currently operational.
SPI Energy’s predecessor, Solar Power Inc., provided EPC services to the projects in 2012. Since July 2013, the group has handled O&M at the sites. SPI and TTVCF had a dispute over several EPC agreements, but they now appear set to resolve the disagreements amicably with the new framework share purchase agreement.
The remaining agreements of the transaction will take place in three different stages for each company, with the entire project to be finalized by March 2019.