China’s Solar Power Inc. has signed a preliminary agreement with Global Renewable Construction Ltd. Group to acquire the rights to develop 50 megawatts of solar projects in the United Kingdom.
LDK-Solar backed SPI intends to complete the construction and development of the projects in Wales and the Midlands, which it expects to complete between the third quarter of 2015 and the first quarter of 2016. SPI and Global Renewable will continue to negotiate to enter into definitive agreements for each project.
Each of the projects is less than 5 MW and expected to qualify for accreditation under the UK’s feed-in-tariff scheme or Renewables Obligation Certificates at rates of 1.3 ROCs/MWh, making them highly attractive to investors.
“Today’s announcement marks another significant step forward in building SPI’s leading presence in the UK, one of the most promising PV markets globally with highly attractive FiT and ROC 1.3 incentives,” said Xiaofeng Peng, Chairman of SPI. “As our second recently announced agreement with a major UK developer, we are confident that our efforts to grow and diversify SPI’s global PV portfolio in the UK and Europe will continue to gain momentum.”