SPI Energy Development on Phase II of 35 MWdc Shorewood Solar Project in Illinois
SPI Energy Co., Ltd. (NASDAQ:SPI) announced the development of Phase II of its 32.4 MWac Shorewood Solar Project in Illinois, projected to begin operations by 2026. This phase is expected to generate 57 million kWh of energy annually, enough to offset CO2 emissions from 5,088 homes. The project aligns with Illinois' commitment to the U.S. Climate Alliance and is supported by the Inflation Reduction Act, which invests over $300 billion in clean energy. The company focuses on solar storage and EV solutions across its three core divisions.
- Development of Phase II of the Shorewood Solar Project expected to generate significant energy.
- Project aligns with state climate goals and the Inflation Reduction Act.
- Projected operations start is not until 2026, indicating a long wait for returns.
- Dependence on federal policies may pose risks if regulations change.
MCCLELLAN PARK, CA / ACCESSWIRE / August 17, 2022 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company"), a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers, today announced to begin the development on the second phase of its 32.4 MWac/34.83 MWdc Shorewood Solar Project across 167 acres in Kendall County, Illinois.
The project is projected to begin operations by 2026. Within its first year of operation, the solar project is expected to produce 57 million Kilowatt-hours (kWh) of energy. This is the equivalent electricity needed to offset the CO2 emissions of 5,088 homes in one year.
"The Shorewood Solar Project represents a tremendous achievement towards reducing carbon emissions while producing clean energy," said Xiaofeng Denton Peng, Chairman and CEO of SPI Energy. "Illinois has entered the U.S. Climate Alliance, a group of states committed to reducing greenhouse gas emissions consistent with the United Nations Paris Agreement. We're proud to be a part of helping the great state of Illinois achieve its climate change goals."
On Aug 16, 2022, the Inflation Reduction Act has been in effective where the sweeping bill allocates more than
About SPI Energy
SPI Energy Co., Ltd. (NASDAQ:SPI) is a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions that was founded in 2006 in Roseville, California and is headquartered in McClellan Park, California.
The company has three core divisions: SolarJuice solar wholesale distribution, residential solar and roofing installation, and solar module manufacturing, the SPI Solar and Orange Power commercial & utility solar division, and the EdisonFuture/Phoenix Motor EV division. SolarJuice is the leader in renewable energy system solutions for residential and small commercial markets and has extensive operations in the Asia Pacific and North America markets. The commercial & utility solar division provides a full spectrum of EPC services to third party project developers, and develops, owns and operates solar projects that sell electricity to the grid in multiple regions, including the U.S., U.K., and Europe. Phoenix Motor is a leader in medium-duty commercial electric vehicles, and is developing EV charger solutions, electric pickup trucks, electric forklifts, and other EV products.
SPI maintains global operations in North America, Australia, Asia and Europe and is also targeting strategic investment opportunities in fast growing green industries such as battery storage, charging stations, and other EVs 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 www.SPIgroups.com or available at www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as "may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's current expectations and speak only as of the date of this release. Actual results may differ materially from the Company's current expectations depending upon a number of factors. These factors include, among others, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described in the "Risk Factors" section of the Company's annual report filed on Form 10-K filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.
Contact:
SPI Energy Co., Ltd.
IR Department
Email: ir@spigroups.com
SOURCE: SPI Energy Co., Ltd.
View source version on accesswire.com:
https://www.accesswire.com/712464/SPI-Energy-Development-on-Phase-II-of-35-MWdc-Shorewood-Solar-Project-in-Illinois
FAQ
What is the Shorewood Solar Project by SPI?
When will SPI Energy's Shorewood Solar Project start operations?
How much energy will the Shorewood Solar Project produce?
What is the significance of the Inflation Reduction Act for SPI?
What are SPI's main business divisions?
