SPI Energy announces agreement to acquire PV plants in Greece

SPI Energy, a global clean energy market place for business, residential, government and utility customers and investors, today announced that SP Orange Power (Cyprus) Limited, a subsidiary of the Company, has entered into a framework share purchase agreement dated as of September 20, 2017, pursuant to which the above subsidiary will acquire 100% equity interests of three Greek companies, namely THERMI SUN S.A, HELIOHRISI S.A., and HELIOSTIXIO S.A., from THERMI TANEO Venture Capital Fund, for a total consideration of EUR €16.65 million, subject to certain adjustments. The transaction is subject to customary closing conditions.  These three companies own a total of four PV plants with 7.4MWp PV installations in northern Greece. The installations have been connected to the Greek power grid since July 2012 and are currently in operation.

Solar Power Inc., the predecessor of the Company, provided EPC services to these projects in 2012 and has performed the O&M of these projects since July 2013. SPI and TTVCF (via the project companies) had previously entered into a dispute in relation to the EPC agreements. Such dispute will be deemed to be amicably resolved pursuant to the framework share purchase agreement.

The closing of the transaction will take place in three separate stages (one for each company under acquisition). The Company expects to complete the entire acquisition by March 2019. With 7.4MWp PV installations added to SPI Energy’s existing PV portfolio in Greece, the Company will become one of the significant PV owners in Greece.