Solar Power Inc (OTCMKTS:SOPW) reported that its wholly-owned subsidiary firm, SPI China (HK) Limited, concluded a deal to sell the released share capital of “Solar Park Developments 4 Ltd.” The later firm possesses a solar project in the U.K. with a rated capacity of nearly 6.24 MW, to a fund seen by BlackRock, Inc.

The details

The Gelliwern Farm solar project is based in south Wales. It began construction in 1Q2015 and was linked to the grid in this March. The solar project is entitled to get Renewables Obligation Certificates at 1.4 ROCs/MWh for twenty years under the UK’s “RO” scheme. Previously, Solar Power reported in June that it signed a definitive deal for the sale of the issued share capital of Grange Farm, which was again sold to a fund supervised by BlackRock. This deal concluded on June 30, 2015.

The expert speaks

Xiaofeng Peng, the Chief Executive Officer of Solar Power, said that they are delighted to report the closing of second UK deal with BlackRock in last few months. With this deal, the company further strengthens its reputation as a pioneering provider firm of reliable solar power offerings in the UK and global markets.

Rory O’Connor, the MD at BlackRock, said that they are extremely delighted to get associated with Solar Power and close the investment deal of the “Gelliwern Farm” solar project. It had resulted in increased value for BlackRock’s investment plans in the renewable sector in the UK.

The profile

Solar Power Inc (OTCMKTS:SOPW) provides world-class photovoltaic solutions to different entities including government, business, residential and utility customers. The focus is on the downstream PV segment.

In last trading session, the stock price of Solar Power gained more than 2% to close the trading session at $1.74. The gains came at a share volume of 30,587 compared to average share volume of 96,594.