Solar Power Inc., the Chinese project developer that is backed by LDK Solar, has continued to diversify beyond Asia with the signing of an agreement to build 100 megawatts of solar projects in Panama.
SPI signed the agreement with SG Panama Solar LLC, a division of SDL Solar, to set up a joint venture company named SG Panama Solar LLC, in which SPI will be the majority shareholder. SPI will provide technical and financial support to complete the development and implementation of identified solar projects in the country.
“The partnership announced today expands our relationship with leading PV developer SDL Solar and marks the establishment of SPI’s presence in Latin America, which we expect to become one of the fastest growing solar markets in the world,” said Xiaofeng Peng, chairman of SPI.
SPI has announced a number of projects in Europe in recent weeks. Earlier this month, It signed agreement with RE Projects Development to co-develop approximately 25MW of photovoltaic projects in the UK. It also acquired 4.3MW of photovoltaic projects in Italy from CECEP Solar Energy Hong Kong Co.
In late 2014, the company acquired the development rights to a 9.9-MW solar project in New Jersey in the US.
The Panama government has enacted a law that provides incentives for the construction, operation and maintenance of solar plants or solar facilities including exemption from income tax, duties, levies and contributions.