SPI Solar has entered into an agreement to acquire Hawaiian Power LLC's (HPL) share of joint photovoltaic power projects in Hawaii.
Under the terms of the agreement, SPI will acquire HPL's equity interests and debt related to 15 MW of projects under development. The aggregate purchase price for the assets is $3.95 million, consisting of 3 million SPI Solar shares of common stock valued at $1.15 per share, subject to adjustment, and $0.5 million in cash, with closing expected in September.
In addition to the HPL projects, SPI has also acquired the development rights to an additional 2.5 MW of projects near Kona, Hawaii.
Separately, SPI also announced that it is providing engineering, procurement and construction services on the first of a series of four 250 kW projects on Maui, Hawaii. The projects are scheduled to be completed in December.
‘This announcement underscores SPI's commitment to growing our presence in the important U.S. solar market,’ says Xiaofeng Peng, chairman of SPI. ‘Hawaii, in particular, is among the country's most attractive markets for PV investment, and we are confident these developments will result in meaningful returns for SPI.’