Solar Power Inc (OTCMKTS:SOPW) has been quickly expanding its roots in different countries across the globe. The company recently signed agreements to develop solar power projects in Panama and China, capable of producing 120 MW of energy. In addition to this the company has also started to push towards the Australian market. Solar Power Inc has even moved its headquarters from Roseville, USA to Shanghai, China. SPI has also reached an agreement with SG Panama Solar LLC, in a bid for a joint development project in the country. The details of the agreement stated that SPI would provide financial and technical support to SGP, in solar power projects that would provide the country with 100 MW of energy. In return, SPI would gain a controlling interest in SGP.
The company has also gained a similar agreement with Jingzhaolai PV Power, in the Inner Mongolia region. This agreement calls for SPI to engineering and development services for a power project of 20 MW. The project construction is to start this month, with operations initiating from June. The additional power would be added to the state’s grid. In Australia the company has reached an agreement with Solar Juice in Australia. Details of the agreement reveal that SPI would purchase 80% of the outstanding capital stock. The deal would benefit SPI, given that the two companies are involved in the same industry and Solar Juice is considered as the leading solar panel wholesale distributor in the country.
Apart from its recent deals internationally, SPI is making full use of the potential market in North America. A recent Gallup survey has revealed that around 79% of Americans want more solar power. This has lead solar power to account for 36% of new power in the first three quarters of 2014.
Solar Power Inc (OTCMKTS:SOPW) closed at $2.06 a share, gaining 9.57% on April 14. The company has 601.64 million shares being traded in the market, with a 52 week range of $0.17-$2.95.