SPI Solar on Wednesday announced its wholly owned subsidiary, SPI Solar Power (Suzhou) has entered a framework agreement to acquire Guodian Nailuen Tumed Left Banner PV Electricity.
Guodian Nailuen, a PV project company, operates 65 MW of PV projects in Tumed Left Banner County, Nailuen, Inner Mongolia, which were connected to the grid last year.
The aggregate purchase price to acquire Guodian Nailuen is RMB621.9 million ($101.3 million), of which RMB400 million ($65.2 million) is in the form of lease financing. The aggregate purchase price will be made over the course of a year in installments.
"We are pleased to announce our intention to acquire Guodian Nailuen," said Xiaofeng Peng, chairman of SPI. "This acquisition will add to our growing portfolio of operating PV assets, which we believe will create meaningful value for SPI shareholders."
