SPI Energy Announces Board Approval to Spin Off SP Orange Power (Cyprus) Limited
SPI Energy Co., Ltd. (NASDAQ:SPI) announced plans to spin off its subsidiary, SP Orange Power, through an initial public offering. Orange Power, with 43.12 megawatts of photovoltaic assets across Italy, Greece, and the UK, aims to focus on European markets. Kevin White, currently a VP at SPI, will take on the role of CEO for Orange Power. The company believes this spin-off will unlock greater value and drive growth in renewable energy markets, both in Europe and America.
- Approval of spin-off of Orange Power subsidiary could unlock greater value for shareholders.
- Kevin White's appointment as CEO brings extensive infrastructure and power expertise.
- 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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FAQ
What is the purpose of SPI Energy's spin-off of Orange Power?
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