SPI Solar Subsidiary Announces Agreement to Build and Develop 50 Megawatt Photovoltaic (PV) Project in Fenyi County, China Expected to be one of Largest Utility-Scale PV Projects in Jiangxi Province
SPI Solar ('SPI') (SOPW:OTCBB), a vertically integrated photovoltaic solar developer, announced that its wholly-owned subsidiary, Xinyu Xinwei New Energy Co., Ltd. ('Xinwei'), has signed an agreement with the government of Fenyi County (Jiangxi Province, People's Republic of China) to build and develop a 50 megawatt (MW) photovoltaic (PV) project in Yangqiao, Fenyi County. Once completed, the 50 MW project is expected to be one of the largest utility-scale PV projects in Jiangxi Province.
Under the terms of the agreement, the government of Fenyi County will provide certain guarantees and support to Xinwei for the project's construction and development phases, in addition to offering certain incentives and other services for the project's later phases leading up to grid connection. Moreover, the government of Fenyi County has signaled its intent to participate actively in coordinating all relevant local and provincial departments to facilitate and expedite construction of the project.
'We are delighted to partner with the government of Fenyi County on such a groundbreaking PV project in China,' said Min Xiahou, global Chief Executive Officer of SPI. 'This landmark 50 MW project represents a significant milestone in China's domestic PV energy market and will benefit Fenyi County with local job creation, increased tax revenues and reduced carbon emissions in the years to come.'
Xiaofeng Peng, Chairman of SPI, added, 'China is one of SPI's key global focus markets in which to develop utility-scale PV projects, and while still in the early stages of growth, we believe China's installed PV market will mature into one of the largest globally within the foreseeable future. We are proud that SPI is taking a leading role in helping China's economy transition toward a greener future.'
About Solar Power, Inc. (SOPW:OTCBB):
SPI Solar ('SPI') (Solar Power, Inc.) is a vertically integrated photovoltaic solar developer offering its own brand of high-quality, low-cost distributed generation and utility-scale solar energy facility development services. From project development, to project financing and to post-construction asset management, SPI delivers turnkey world-class photovoltaic solar energy facilities to its business, government and utility customers.
Safe Harbor Statement:
This release may contain certain 'forward-looking statements' relating to the business of SPI Solar, its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as 'believes", 'expects' or similar expressions. These statements involve known and unknown risks and uncertainties, including, but not limited to, SPI's ability to build and develop a 50 MW photovoltaic (PV) project in Yangqiao, Fenyi County, and that the PV market will continue to grow and mature in China. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risks and other factors detailed in the company's reports filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
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