SPI Energy Executes Agreement to Acquire 6.5MW Solar PV and 5.45MWh Energy Storage Project in Massachusetts
SPI Energy Co., Ltd. (NASDAQ:SPI) announced the acquisition of a 6.5 MW solar photovoltaic and 5.45 MWh energy storage project in Massachusetts through its subsidiary SPI Solar, Inc. This project, which aligns with Massachusetts' SMART program, will enable community solar subscriptions for national grid customers and is expected to be operational in 2022. The acquisition expands SPI's renewable energy offerings and solidifies its presence in the U.S. market, alongside existing projects in Oregon.
- Expands community solar project business in Massachusetts.
- Strategic acquisition supports growth in renewable energy sector.
- Expected operational integration of solar and storage solutions in 2022.
- None.
SANTA CLARA, CA / ACCESSWIRE / April 12, 2021 / SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ:SPI), a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors, today announced, through its wholly-owned subsidiary SPI Solar, Inc., the execution of a definitive agreement to acquire the MA Lovers Lane 6.5 megawatt (MW) solar photovoltaic (PV) and 5.45 megawatt hour (MWh) energy storage project in Massachusetts from a third-party developer. The project will sell power through Massachusetts' SMART program and will provide community solar subscriptions to national grid customers. The project is expected to come online in 2022.
This acquisition expands SPI's community solar project business, and when complete, SPI will have community solar offerings in Oregon and Massachusetts.
Mr. Xiaofeng Peng, Chief Executive Officer of SPI Energy, commented, "We are excited to acquire our first PV and Storage project here in the US," Mr. Peng added, "By expanding our business into the Massachusetts, we are able to show that SPI's plan for growth is continuing to be implemented with PV, storage and community solar in utility-scale projects."
New analysis from IHS Markit projects that installations of energy storage capacity globally will exceed 10 gigawatts (GW) in 2021, more than doubling the 4.5 GW increase in 2020. The energy storage industry will begin significant multi-year growth in 2021, continuing until 2030, as the technology begins to form a core component of power grids in developed markets and new opportunities in developing markets continue to emerge.
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. (the "Company") is a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers and investors. The Company provides a full spectrum of EPC services to third party project developers, as well as develops, owns and operates solar projects that sell electricity to the grid in multiple countries, including the U.S., U.K., Greece, Japan and Italy. The Company has its US headquarters in Santa Clara, California and maintains global operations in Asia, Europe, North America and Australia. SPI is also targeting strategic investment opportunities in green industries such as battery storage and charging stations, leveraging the Company's expertise and growing base of cash flow from solar projects and funding development of projects in agriculture and other markets with significant growth potential.
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
Phone: (407) 491-4498
dave@redchip.com
SOURCE: SPI Energy Co., Ltd.
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FAQ
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