SPI Solar has entered into an agreement to acquire Sinsin Renewable Investment Ltd. (SRIL), which is registered in Malta. As a result of the acquisition, SPI will take over 26.57 MW of solar photovoltaic projects in Greece.
Under the terms of the agreement, SPI's subsidiary, SPI China Ltd., will acquire all of the outstanding capital stock of SRIL from Sinsin Europe Solar Asset and Sinsin Solar Capital for an aggregate purchase price of $91.78 million using a mixture of cash and SPI shares.
Additionally, the agreement contains a provision specifying that Sinsin or its affiliates may appoint SPI and its subsidiaries to provide engineering, procurement and construction services on up to 360 MW of additional solar PV projects that Sinsin intends to invest in or develop over the next three years.
