Solar Power, Inc. ("SPI") (OTCBB: SOPW), a vertically-integrated photovoltaic ("PV") developer, today announced that its wholly owned subsidiary, SPI China (HK) Limited, has entered into a share purchase agreement with LDK Solar Europe Holding S.A. and LDK Solar USA, Inc. to acquire certain assets including 4.5 megawatts (MW) of solar PV projects in Italy and 7.8 MW of solar PV projects in California, respectively.
Under the terms of the share purchase agreement, SPI will acquire all of the outstanding capital stock of the holding companies of these solar PV projects owned by LDK Solar Europe Holding S.A. and LDK Solar USA, Inc.
This transaction is subject to several closing conditions including completion of satisfactory due diligence.
Xiaofeng Peng, Chairman of SPI, stated, "We are pleased to announce this agreement which, upon closing, will add significant in-operation assets in Europe and the US to SPI's globally diversified PV portfolio. The acquisition of high-quality assets in key markets will continue to be an important part of our strategy to strengthen SPI's global presence."
