SPI closes sale of solar power project

Source:Solar Power, Inc.

SPI closes sale of solar power project

Solar Power, Inc.  ("SPI") (OTCBB: SOPW), a vertically-integrated photovoltaic ("PV") developer, today announced that its wholly-owned subsidiary, SPI China (HK) Limited, has closed a transaction to sell the entire issued share capital of Solar Park Developments 4 Ltd ("Gelliwern Farm"), which holds a solar project in the United Kingdom with a rated capacity of approximately 6.24 megawatts ("MW"), to a fund managed by BlackRock, Inc. ("BlackRock"), a global leader in investment management, risk management and advisory services.

The Gelliwern Farm solar project, located in south Wales, commenced construction in the first quarter of 2015 and was connected to the grid in March 2015. The Gelliwern Farm solar project is eligible to receive Renewables Obligation Certificates ("ROCs") at 1.4 ROCs/MWh for 20 years under the UK's Renewables Obligation ("RO") scheme.

Previously, SPI announced on June 9, 2015 its entry into a definitive agreement for the sale of the entire issued share capital of Solar Park Developments 3 Ltd ("Grange Farm"), which was also sold to a fund managed by BlackRock. This transaction was completed on June 30, 2015.

"We are pleased to announce the closing of our second UK transaction with BlackRock in recent months," commented Xiaofeng Peng, Chairman of SPI. "With this transaction, SPI has further solidified its reputation as a leading provider of bankable solar power solutions in the UK market and globally."

Rory O'Connor, Managing Director at BlackRock, added, "We are very pleased to work again with SPI and close on this investment in the Gelliwern Farm solar project, adding to BlackRock's significant investment programme in the UK renewables sector." 

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