SPI To Acquire 50 MW Of PV Development Rights In The U.K.


China-based Solar Power Inc. (SPI) has entered into a non-binding agreement with Global Renewable Construction Ltd. to acquire rights to develop 50 MW of solar projects in the U.K.

According to the agreement, SPI intends to complete the construction and development of photovoltaic projects in Wales and the Midlands, with completion for all the projects expected between the third quarter of this year and the first quarter of 2016.

SPI and Global Renewable will negotiate to enter into definitive agreements for each project.

Each of the projects is less than 5 MW and expected to qualify for accreditation under the U.K.'s feed-in tariff scheme or Renewables Obligation Certificates (ROCs) at rates of 1.3 ROCs/MWh.

In March, SPI entered into an agreement with RE Projects Development to jointly work on 25 MW worth of projects in the U.K.

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