Solar Power Inc. has assigned an agreement to acquire a 100% stake in All-Zip, a provider of solar roofing solutions in China, for RMB 275 million (US$44 million).
SPI acquired the stake together with its wholly-owned subsidiary, Meitai Investment (Suzhou) Co. via a share purchase agreement with Shanghai All-Zip Roofing System Group Co.
“Following upon the framework agreement announced last October, we are pleased to announce this agreement to acquire All-Zip,” said Xiaofeng Peng, Chairman of SPI. “All-Zip’s expertise in providing comprehensive roofing solutions for commercial and industrial installations fits well with SPI’s strategy to capitalize on the growing market in China for the development of distributed generation solar PV projects, which China’s National Energy Administration has pledged to actively support in the coming years. Combined with SPI’s innovative online energy e-commerce and investment platform Solarbao.com, All-Zip gives SPI a strong foundation to capture market share in the lucrative commercial and industrial rooftop DG segment in China.”