Spi Energy Co Ltd (ADR)(NASDAQ:SPI) an international clean energy market place for residential, government, business and utility consumers and investors, reported that SP Orange Power Limited, a subsidiary of the firm, has finalized a framework share purchase deal dated as of September 20, 2017,
As per which, the subsidiary will buy 100% equity stakes of three Greek firms, namely HELIOHRISI S.A., HELIOSTIXIO S.A. and THERMI SUN S.A, from THERMI TANEO Venture Capital Fund for a total consideration of EUR €16.65 million. The deal is subject to customary closing terms. These three firms own four PV plants with 7.4MWp PV systems in northern Greece.
Spi Energy reported that the installations in northern Green mentioned above have been linked to the Greek power grid since 2012 and are currently active. The predecessor of the firm named as Solar Power Inc. offered EPC services to these assignments in 2012 and has done the O&M of these assignments since July 2013. TTVCF and Spi Energy had previously entered into an argument in relation to the EPC deals. Such dispute will be considered to be amicably resolved following the framework share purchase deal.
The closing of the deal will take place in three distinct stages, one for each firm under acquisition. Spi anticipates to complete the entire deals by March 2019. With the new installations added to company’s current PV portfolio in Greece, the firm will become one of the notable PV owners in Greece.
Earlier, SPI Energy reported that Minghua Zhao had resigned from his role of the Co-Chief Operating Officer of the firm’s China business and a director of the board of the firm due to personal health reasons. Zhao’s resignation became effective on September 6, 2017. The firm’s Chief Operating Officer Hoong Khoeng Cheong has taken Mr. Zhao’s role and been elected as director of the board, effective September 6, 2017.
The company is an international provider of photovoltaic solutions for residential, business, government and utility customers and shareholders. It focuses on the EPC/BT, O2O PV and storage market including the installation, operation, development, financing and sale of utility-scale and residential PV assignments in Europe, North America, China and Japan.