SPI Energy Develops Utility Scale Solar Project in Maryland

Rhea-AI Summary

SPI Energy announced its subsidiary, SPI Solar, secured 473 acres in Maryland for a 78 MW solar project, expected to produce 187,941 MWh in its first year. This project aims to significantly reduce CO2 emissions, equivalent to what 16,000 homes would use annually. With Maryland’s renewable energy production target set to increase to 50% by 2030, SPI Energy is positioned to contribute to this goal. The U.S. solar market anticipates substantial growth, with 21.5 GW expected to be added in 2022, indicating a positive trend for renewable energy sectors.

Positive

• SPI Solar secured 473 acres for a utility-scale solar project in Maryland.
• The project is projected to produce 187,941 MWh of electricity in the first year.
• The project could help offset CO2 emissions equivalent to 16,000 homes annually.
• Maryland's increased renewable energy target supports growth in SPI's project development.

Negative

• None.

SANTA CLARA, CA / ACCESSWIRE / February 7, 2022 / SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ:SPI), a global renewable energy company and provider of solar storage and electric vehicle solutions for business, residential, government, logistics and utility customers, today announced its SPI Solar Inc. ("SPI Solar") subsidiary secured approximately 473 acres across three parcels for the development of a utility scale solar project in Maryland.

The 78 megawatt ("MW") (AC) / 117MW (DC) project is expected to produce 187,941MW hours ("MWh") of electricity in its first full year of operation, the equivalent electricity needed to offset CO2 emissions of 16,000 homes annually.

"This is a significant project for SPI Solar and demonstrates our ability to generate meaningful impact in CO2 emissions reduction with solar technologies" said Xiaofeng Denton Peng, Chairman and CEO of SPI Energy. "Maryland increased its renewable energy production target to 50 percent by 2030 and 100 percent by 2040, up from just 25 percent in 2020. We are excited to help the state achieve this noteworthy goal, and look forward to bringing this utility scale project to fruition and developing more projects over the next few years."

The U.S. installed 5.4 GW of solar PV capacity in Q3 2021 to reach 113.5 GW of total installed capacity, enough to power 21.8 million American homes, from the source of SEIA (Solar Energy Industries Association). It is expected that U.S. solar generating capacity to grow by 21.5 GW in 2022. In total, the U.S. solar market will install more than 107 GW of solar over the next five years.

About SPI Energy

SPI Energy Co., Ltd. (NASDAQ: SPI) is a global renewable energy company and provider of solar storage and electric vehicle solutions that was founded in 2006 in Roseville, California and is headquartered in Santa Clara, California.

The company has three core divisions: SolarJuice residential solar, the commercial & utility solar division comprised of SPI Solar and Orange Power, 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 scooters, 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 20-F 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.

SPI Energy Co., Ltd. Contact:

IR Department
ir@spigroups.com

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

SOURCE: SPI Energy Co., Ltd.

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FAQ

What recent project did SPI Energy announce in Maryland?

SPI Energy announced the development of a 78 MW solar project in Maryland, which will use 473 acres.

How much electricity will the SPI Solar project produce in its first year?

The SPI Solar project is expected to produce 187,941 MWh of electricity in its first year.

What is the significance of the SPI Solar project for CO2 emissions?

The project is expected to offset CO2 emissions equivalent to those of 16,000 homes annually.

What is Maryland's renewable energy target for 2030?

Maryland aims to achieve a renewable energy production target of 50% by 2030.

How does the U.S. solar market outlook affect SPI Energy?

The U.S. solar market is expected to grow by 21.5 GW in 2022, indicating positive conditions for SPI Energy's operations.