SPI Solar partners with GD Solar for multiple solar projects

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SPI Solar Power has entered into several agreements with GD Solar to acquire existing PV projects from GD Solar and develop new PV projects with GD Solar.

SPI Solar has demonstrated its ability to rapidly scale in the China PV market. We look forward to partnering with SPI on these projects and achieving mutual success, commented, Xu Zhong, GM, GD Solar, regarding this agreement.

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SPI plans to leverage the unique strengths to grow businesses and expand role of the company in the development of PV power in China, noted, Xiaofeng Peng, chairman, SPI.

The agreements with SPI Solar, GD Solar and its affiliates include the following plans.

SPI Meitai Suzhou will have a right for refusal to purchase projects under construction from GD Solar.

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In addition, both companies will cooperate to develop an additional 500 megawatts of PV projects in China each year from 2015 -2017, for a total of 1.5 gigawatts. SPI Meitai Suzhou will develop the new PV projects and GD Solar will provide EPC and related services to the new projects.

Besides, SPI Meitai Suzhou will acquire a total of 100 MW of operating projects in Jinchang City from GD Solar for RMB960 million, a portion of which will be used to pay for EPC services rendered by GD Solar.

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The agreement also proposes that SPI Meitai Suzhou will acquire a total of 10 MW of operating projects in Chaoyang City from GD Solar at RMB100 million. GD Solar has provided EPC services to these projects, a portion of which will be used to pay for EPC services rendered by GD Solar.

Another agreement is for the acquisition of a total of 50 MW of operating projects in Xinghe County from GD Solar for RMB515 million, a portion of which will be used to pay for EPC services rendered by GD Solar in the development of these projects.

Sabeena Wahid
[email protected]