SPI Energy Announces Settlement Agreement with SINSIN
SPI Energy (NASDAQ:SPI) has reached a settlement agreement with SINSIN to resolve disputes from a 2014 share sale agreement. The company will pay €45 million in three installments, including €33.05 million from Greek SPVs bank deposits and two subsequent payments of €5 million and €6.95 million.
The settlement involves four Greek SPVs with 26.57 MW total capacity of photovoltaic parks. Upon completion, these projects will be re-consolidated into SPI's portfolio after being deconsolidated in 2017. The reintegrated projects are expected to generate annual revenue of €8-10 million, more than doubling SPI's current 17.51 MW solar capacity.
SINSIN will release all pledges on the Greek SPVs shares and dismiss all legal proceedings in the US, Greece, and Malta following full payment. The company views this settlement as favorable, resolving the dispute at a lower cost than anticipated while enhancing long-term stability.
SPI Energy (NASDAQ:SPI) ha raggiunto un accordo di transazione con SINSIN per risolvere le controversie derivanti da un accordo di vendita di azioni del 2014. L'azienda pagherà 45 milioni di euro in tre rate, inclusi 33,05 milioni di euro da depositi bancari di SPV greci e due successivi pagamenti di 5 milioni di euro e 6,95 milioni di euro.
La transazione coinvolge quattro SPV greci con una capacità totale di 26,57 MW per parchi fotovoltaici. Una volta completati, questi progetti saranno reintegrati nel portafoglio di SPI dopo essere stati deconsolidati nel 2017. Si prevede che i progetti reintegrati genereranno un fatturato annuale di 8-10 milioni di euro, più del doppio della capacità attuale di 17,51 MW di energia solare di SPI.
SINSIN rilascerà tutte le garanzie sulle azioni degli SPV greci e ritirerà tutte le cause legali negli Stati Uniti, in Grecia e a Malta a seguito del pagamento integrale. L'azienda considera questo accordo favorevole, risolvendo la controversia a un costo inferiore rispetto a quanto previsto, migliorando al contempo la stabilità a lungo termine.
SPI Energy (NASDAQ:SPI) ha alcanzado un acuerdo de resolución con SINSIN para resolver disputas relacionadas con un acuerdo de venta de acciones de 2014. La empresa pagará 45 millones de euros en tres plazos, incluyendo 33,05 millones de euros provenientes de depósitos bancarios de SPVs griegos y dos pagos posteriores de 5 millones de euros y 6,95 millones de euros.
El acuerdo involucra a cuatro SPVs griegos con una capacidad total de 26,57 MW en parques fotovoltaicos. Una vez completados, estos proyectos se reintegrarán en la cartera de SPI después de haber sido deconsolidados en 2017. Se espera que los proyectos reintegrados generen ingresos anuales de 8-10 millones de euros, más del doble de la capacidad solar actual de SPI de 17,51 MW.
SINSIN liberará todas las garantías sobre las acciones de los SPVs griegos y retirará todos los procedimientos legales en EE. UU., Grecia y Malta tras el pago completo. La empresa considera este acuerdo favorable, resolviendo la disputa a un costo más bajo de lo anticipado, al tiempo que mejora la estabilidad a largo plazo.
SPI 에너지 (NASDAQ:SPI)는 2014년 주식 매각 계약에서 발생한 분쟁을 해결하기 위해 SINSIN과 합의에 도달했습니다. 회사는 4천5백만 유로를 세 번의 분할납부로 지급할 예정이며, 이 중 3천3백5십만 유로는 그리스 SPV의 은행 예치금에서 지급되고, 나머지 2회의 지급은 각각 5백만 유로와 6백95십만 유로가 될 것입니다.
이번 합의는 26.57 MW의 총 용량을 가진 네 개의 그리스 SPV를 포함합니다. 프로젝트가 완료되면, 이들 프로젝트는 2017년에 재무제표에서 제외되었으나 SPI의 포트폴리오에 다시 통합될 예정입니다. 통합된 프로젝트는 매년 8-10백만 유로의 수익을 창출할 것으로 예상되며, 이는 SPI의 현재 17.51 MW 태양광 용량을 두 배 이상 늘리는 것입니다.
SINSIN은 그리스 SPV 주식에 대한 모든 담보를 해제하고, 전체 지급 후 미국, 그리스 및 몰타에서 모든 법적 절차를 철회합니다. 회사는 이번 합의를 유리하게 보고 있으며, 예상보다 낮은 비용으로 분쟁을 해결하고 장기적인 안정성을 강화하고자 합니다.
SPI Energy (NASDAQ:SPI) a conclu un accord de règlement avec SINSIN pour résoudre des différends issus d'un contrat de vente d'actions de 2014. L'entreprise versera 45 millions d'euros en trois versements, dont 33,05 millions d'euros d'un dépôt bancaire de SPV grecs, ainsi que deux paiements ultérieurs de 5 millions d'euros et 6,95 millions d'euros.
Le règlement concerne quatre SPV grecs ayant une capacité totale de 26,57 MW pour les parcs photovoltaïques. Une fois terminés, ces projets seront réintégrés dans le portefeuille de SPI après avoir été déconstitués en 2017. Les projets réintégrés devraient générer des revenus annuels de 8-10 millions d'euros, plus que le double de la capacité solaire actuelle de SPI de 17,51 MW.
SINSIN libérera tous les gages sur les actions des SPV grecs et mettra fin à toutes les procédures judiciaires aux États-Unis, en Grèce et à Malte après le paiement complet. L'entreprise considère ce règlement comme favorable, résolvant le différend à un coût inférieur à celui prévu tout en renforçant la stabilité à long terme.
SPI Energy (NASDAQ:SPI) hat eine Einigung mit SINSIN erzielt, um Streitigkeiten aus einem Aktienverkaufsvertrag von 2014 zu lösen. Das Unternehmen wird 45 Millionen Euro in drei Raten zahlen, darunter 33,05 Millionen Euro aus Bankeinlagen griechischer SPVs sowie zwei weitere Zahlungen von 5 Millionen Euro und 6,95 Millionen Euro.
Die Einigung betrifft vier griechische SPVs mit einer Gesamtleistung von 26,57 MW in Photovoltaikanlagen. Nach Abschluss werden diese Projekte wieder in das Portfolio von SPI integriert, nachdem sie 2017 dekonsolidiert wurden. Es wird erwartet, dass die reintegrierten Projekte einen jährlichen Umsatz von 8-10 Millionen Euro generieren, wodurch die aktuelle Solarleistung von SPI von 17,51 MW mehr als verdoppelt wird.
SINSIN wird alle Pfandrechte an den Aktien der griechischen SPVs aufheben und alle rechtlichen Schritte in den USA, Griechenland und Malta nach vollständiger Zahlung einstellen. Das Unternehmen sieht diese Einigung als vorteilhaft an, da sie den Streit zu einem niedrigeren Preis als erwartet löst und gleichzeitig die langfristige Stabilität verbessert.
- Settlement resolves long-standing legal dispute at lower than anticipated cost
- Reintegration of 26.57 MW solar projects more than doubles company's current capacity
- Expected additional annual revenue of €8-10 million from reintegrated projects
- Release of all legal claims and proceedings across multiple jurisdictions
- €45 million settlement payment required
- Significant cash outflow from Greek SPVs bank deposits (€33.05 million)
- Additional payments of €11.95 million required within 5 months
Insights
The settlement agreement with SINSIN represents a strategic financial restructuring, involving a
The resolution unlocks significant value by doubling SPI's solar capacity from 17.51 MW to approximately 44.08 MW. This capacity expansion, coupled with the dismissal of legal proceedings across three jurisdictions, substantially de-risks the company's operational profile. For a company with a market cap of just
The reintegration of 26.57 MW of Greek solar assets significantly enhances SPI's European footprint and operational scale. Greek solar assets are particularly valuable due to the country's high solar irradiance levels and supportive renewable energy policies. The timing is strategic - European energy markets are experiencing unprecedented transformation, with premium valuations for established solar assets.
Think of this as recovering a high-performing sports car that's been sitting in the garage - these Greek solar parks are already operational, eliminating construction risks and immediately contributing to cash flow. The projected
This settlement creates a compelling value proposition for SPI Energy. Currently trading with a market cap of
The structure of the settlement minimizes immediate cash strain, with 73.45% of the payment coming from existing deposits. This financial engineering allows SPI to maintain operational flexibility while substantially expanding its revenue-generating asset base. The resolution also removes a significant overhang that has likely suppressed the stock's valuation, potentially catalyzing a re-rating of the shares.
MCCLELLAN PARK, CA / ACCESSWIRE / January 10, 2025 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company"), a global renewable energy company and provider of solar storage solutions for business, residential, government, logistics and utility customers, today announced that it has entered into a settlement agreement (the "Settlement Agreement") with SINSIN Europe Solar Asset Limited Partnership and SINSIN Solar Capital Limited Partnership (collectively, "SINSIN"), resolving all disputes arising from a share sale and purchase agreement dated September 6, 2014.
Under the Settlement Agreement, the Company will pay a total of €45 million in three installments to SINSIN as full and final settlement of all claims related to the dispute. The payments will include the release of €33,052,852 from the accumulated bank deposits of the Company's four Greek SPVs and subsequent payments of €5,001,148 and €6,946,000 within three and five months, respectively, of the effective date.
The dispute involved SINSIN Renewable Investment Limited ("SRIL") and its four Greek SPVs, which collectively own and operate photovoltaic parks in Greece with a total capacity of 26.57 MW. As part of the Settlement Agreement, SINSIN has agreed to release all pledges on the shares of the four Greek SPVs and dismiss, with prejudice, all associated legal proceedings in the United States, Greece, and Malta following full payment of the settlement amount.
Upon full performance of the Settlement Agreement, the eight solar projects under SRIL will be re-consolidated into the Company's portfolio. These projects, which were deconsolidated in 2017, are expected to generate annual revenue of approximately €8-10 million. This reintegration will significantly enhance the Company's renewable energy portfolio, which currently includes 17.51 MW of solar projects, more than doubling its total capacity.
"This settlement marks a major milestone for the Company, bringing an end to long-standing litigation while significantly strengthening our renewable energy portfolio," said Xiaofeng Peng, the CEO of the Company. "The resolution not only reduces financial uncertainty but also positions us for future growth with the reintegration of the Greek SPVs. These projects will provide substantial revenue contributions and align with our commitment to expanding sustainable energy solutions."
The Company believes the settlement represents a favorable outcome, resolving the dispute at a lower cost than originally anticipated and enhancing its long-term financial and strategic stability, allowing it to focus on its long-term strategic goals and operational growth.
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. (NASDAQ:SPI) is a global renewable energy company and provider of solar, storage solutions that was founded in 2006 in Roseville, California and is headquartered in McClellan Park, California.
The Company comprises the following core divisions: (a) SPI Solar commercial & utility solar business develops and provides a full spectrum of EPC services to third party project developers. (b) Orange Power business owns and operates solar projects that sell electricity to the grid in multiple regions, including the U.S., U.K., and Europe. (c) SolarJuice is a leader in renewable energy system solutions for residential and small commercial markets with solar wholesale distribution business in Australia, and residential solar and roofing installation business in California. SolarJuice also manufactures solar cells and modules in United States under the Solar4America brand. (d) SEM Wafertech develops American solar wafer manufacturing at Sumter, SC.
SPI maintains global operations in North America, Australia, Asia and Europe and is also targeting strategic investment opportunities in fast growing green energy industries such as battery storage, charging stations, and others which leverage the Company's expertise and substantial solar cash flow.
For more information on SPI Energy and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company's public filings and press releases available under the Investor Relations section at or available at www.sec.gov.
Forward-Looking Statements
Certain information contained in this report consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that are difficult to predict. Words such as "will," "would," "may," "intends," "potential," and similar expressions, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Such forward-looking statements are not guarantees of performance and actual actions or events could differ materially from those contained in such statements. For example, there can be no assurance that the Company will regain compliance with the Listing Rule 5550(a)(2) or the Filing Rule during any compliance period or in the future, or otherwise meet Nasdaq compliance standards, that the Company will be eligible for an additional compliance period, or that Nasdaq will grant the Company any relief from delisting as necessary or that the Company can ultimately meet applicable Nasdaq requirements for any such relief. The forward-looking statements contained in this report speak only as of the date of this report and the Company undertakes no obligation to publicly update any forward-looking statements to reflect changes in information, events or circumstances after the date of this report, unless required by law.
Contact:
SPI Energy Co., Ltd.
IR Department
Email: ir@spigroups.com
Dave Gentry
RedChip Companies, Inc.
Phone:(407) 491-4498
SPI@redchip.com
SOURCE: SPI Energy Co., Ltd.
View the original press release on accesswire.com
FAQ
What is the total settlement amount SPI Energy (NASDAQ:SPI) will pay to SINSIN?
How much additional revenue will SPI Energy generate from the reintegrated Greek solar projects?
What is the total capacity of the Greek solar projects being reintegrated into SPI's portfolio?
When were the Greek solar projects originally deconsolidated from SPI Energy's portfolio?
What is the payment schedule for SPI Energy's settlement with SINSIN?
