SPI to Acquire Solar Farm in California, Sell off Japan Project

China-based developer Solar Power Inc.  has signed an agreement to acquire a project in California, and in a aspirate deal, sold its interest in a solar farm in Japan.

LDK Solar-backed SPI will acquire 100% stake in the 6.02-MW Aerojet project in Rancho Cordova, California. The acquisition is subject to several closing conditions including completion of satisfactory due diligence.

Built in 2009 and 2010 by SPI, the Aerojet solar farms were the largest single-site industrial solar installation in California and among the largest in the US at the time. SPI installed the PV system at Aerojet under a 25-year power purchase agreement.

“We are excited to announce our proposed re-acquisition of the landmark Aerojet solar projects that helped build the California solar market into what it is today,” said Xiaofeng Peng, Chairman of SPI. “Having these high-quality assets back within SPI will strengthen both our position in the US market and our growing global PV portfolio.”

SPI also announced that its wholly owned subsidiary SPI Solar Japan GK has signed an agreement to  sell all of its interest in the land and project development rights for a 6.4-MW  project in Susami City, Wakayama Prefecture. The sale is subject to several closing conditions, and is expected to close in April 2015.

Financial details for both deals were not disclosed.

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