SPI Energy Announces Board Approval to Spin Off SP Orange Power (Cyprus) Limited

Rhea-AI Summary

SPI Energy has announced the approval of a spin-off for its subsidiary, SP Orange Power, through an initial public offering (IPO). This subsidiary operates as an independent power producer focused on European markets, boasting 43.12 megawatts of photovoltaic assets in Italy, Greece, and the UK. Kevin White, currently SPI's Vice President, will become the CEO of Orange Power post-spin-off. The company aims to unlock greater value from this strategic move, enhancing its growth trajectory in renewable energy sectors in both Europe and the US.

Positive

• Approval of spin-off could unlock greater value for SPI Energy and its shareholders.
• SP Orange Power has established assets of 43.12 megawatts in key European markets.

Negative

• None.

HONG KONG, CHINA and SANTA CLARA, CA / ACCESSWIRE / August 12, 2020 / SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ:SPI), a global provider of photovoltaic ("PV") solutions for business, residential, government and utility customers and investors, today announced its Board of Directors approved the Company's plan to spin off its SP Orange Power (Cyprus) Limited ("Orange Power") subsidiary through an initial public offering.

Orange Power is an independent power producer targeting European markets with 43.12 megawatts of photovoltaic assets in Italy, Greece, and the UK.

SPI Energy Vice President Kevin White will be appointed CEO of Orange Power upon completion of the spin off.

Mr. White brings over 12 years of infrastructure and power expertise to his role as CEO of Orange Power. As a VP with SPI, he has held a number of senior roles responsible for sourcing investment opportunities and overseeing operations including oversight of SPI's US Solar Operations, where he helped the companies achieve track records of driving value through growth initiatives, cost savings, business development, and mitigating risks.

Prior to joining SPI, Mr. White worked at Panasonic in the Eco Solutions division with responsibility for mergers, acquisitions, and EPC.

Mr. Xiaofeng Peng, Chairman & Chief Executive Officer of SPI Energy, commented, "We believe we can unlock greater value through a successful spin off of our Orange Power subsidiary, and I'm confident Kevin can lead the organization through future growth in both European and American renewable energy markets."

About SPI Energy Co., Ltd.

SPI Energy is a global provider of photovoltaic ("PV") solutions for business, residential, government and utility customers and investors. The Company develops solar PV projects that are either sold to third party operators or owned and operated by the Company for selling of electricity to the grid in multiple countries in Asia, North America and Europe. The Company's subsidiary in Australia primarily sells solar PV components to retail customers and solar project developers. The Company has its operating headquarter in Hong Kong and its U.S. office in Santa Clara, California. The Company maintains global operations in Asia, Europe, North America and Australia.

For inquiries, please contact:

SPI Energy Co., Ltd.
IR Department
Email: ir@spigroups.com

Dave Gentry
RedChip Companies, Inc.
Phone: (407) 491-4498
dave@redchip.com

SOURCE: SPI Energy Co., Ltd.

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https://www.accesswire.com/601289/SPI-Energy-Announces-Board-Approval-to-Spin-Off-SP-Orange-Power-Cyprus-Limited

FAQ

What is SPI Energy's recent announcement regarding SP Orange Power?

SPI Energy announced the approval of a spin-off of its subsidiary, SP Orange Power, through an IPO.

Who will be the CEO of SP Orange Power after the spin-off?

Kevin White, currently the Vice President of SPI Energy, will become the CEO of SP Orange Power.

What are the photovoltaic assets held by SP Orange Power?

SP Orange Power holds 43.12 megawatts of photovoltaic assets located in Italy, Greece, and the UK.

How does SPI Energy plan to enhance value through the spin-off?

SPI Energy believes that the spin-off of Orange Power will allow for focusing on growth and increasing shareholder value.

What markets does SP Orange Power target?

SP Orange Power targets European markets for its photovoltaic energy production.