Friday 29 May 2015

29 May 2015 - Chinese photovoltaic project developer Solar Power, Inc. (OTCBB: SOPW) has completed the acquisition of 80% of the outstanding capital stock of Australian PV wholesale distribution business Solar Juice Pty Ltd., the company said.

The acquisition was announced on 31 March 2015. Under the terms of the share purchase agreement, SPI acquired from entities controlled by Solar Juice's shareholders 80% of the outstanding capital stock of Solar Juice for an aggregate consideration of approximately USD 25.5m in SPI common stock.

According to SBS, Australia had more than 3gw of cumulative installed PV capacity, including more than 750mw installed during 2014, dominated by the residential segment in recent years.

A bipartisan deal on Australia's Renewable Energy Target was reached on 18 May, and is poised to unlock the significant potential of renewable energy in Australia in the coming years.

To deliver the 33,000 GWh revised target as provided by the RET deal will require approximately 6,000 MW of new renewable energy capacity to be built by 2020. 

Australia has already approved renewable energy projects with an expected aggregate capacity of approximately 6,600mw, the majority being large-scale solar and wind projects.

Solar Power enables photovoltaic solutions for business, residential, government and utility customers and investors.

The company focuses on the downstream PV market including the development, financing, installation, operation and sale of utility-scale and residential solar power projects in China, Japan, Europe and North America.

It also operates an innovative online energy e-commerce and investment platform, www.solarbao.com, which enables individual and institutional investors to purchase innovative PV-based investment and other products; as well as www.solartao.com, a B2B e-commerce platform offering a range of PV products.

The company has its operating headquarters in Shanghai and global operations in Asia, Europe, North America and Australia.