SPI looks to develop 50 MW of solar power projects in the UK

Source:Solar Power, Inc.

Solar Power, Inc.  (SPI) (OTCBB:SOPW), a vertically-integrated photovoltaic (PV) developer, announced that it has entered into a non-binding heads of terms with Global Renewable Construction Limited Group to acquire rights to develop 50 megawatts (MW) of solar projects in the United Kingdom. According to the heads of terms, SPI intends to complete the construction and development of 50 MW of solar PV projects in Wales and the Midlands, with completion for all the projects targeted between the third quarter of 2015 and the first quarter of 2016. SPI and Global Renewable will negotiate in good faith 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 UK's Feed-in-Tariff (FiT) scheme or Renewables Obligation Certificates (ROCs) at rates of 1.3 ROCs/MWh, making them highly attractive to investors.

"Today's announcement marks another significant step forward in building SPI's leading presence in the UK, one of the most promising PV markets globally with highly attractive FiT and ROC 1.3 incentives," said Xiaofeng Peng, Chairman of SPI. "As our second recently announced agreement with a major UK developer, we are confident that our efforts to grow and diverstify SPI's global PV portfolio in the UK and Europe will continue to gain momentum."

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs