SHANGHAI, May 28, 2015 /PRNewswire/ -- Solar Power, Inc. ("SPI") (OTCBB: SOPW), a vertically-integrated photovoltaic ("PV") project developer, today announced its wholly owned subsidiary, SPI China (HK) Limited, has completed the acquisition of 80% of the outstanding capital stock of Solar Juice Pty Ltd ("Solar Juice"), the leading solar PV wholesale distribution business in Australia in 2013 and 2014 by wholesale volume, according to SolarBusinessServices, Pty Ltd ("SBS"), an independent Australia-based research and consulting firm. The acquisition was previously announced on March 31, 2015.
According to SBS, Australia had more than 3 gigawatts (GW) of cumulative installed PV capacity, including more than 750 MW installed during 2014, dominated by the residential segment in recent years.
A bipartisan deal on Australia's Renewable Energy Target (RET) was reached on May 18, 2015, and is poised to unlock the significant potential of renewable energy in Australia in the coming years. To deliver the 33,000 GWh revised target as provided by the RET deal will require approximately 6,000 MW of new renewable energy capacity to be built by 2020. Australia has already approved renewable energy projects with an expected aggregate capacity of approximately 6,600 MW, the majority being large-scale solar and wind projects.
"We are delighted to announce the closing of this deal with Solar Juice," said Xiaofeng Peng, Chairman of SPI. "The timing is particularly advantageous given the recent RET deal in Australia, which is expected to create more than $10 billion worth of investment in renewable energy projects over the coming years. We are confident that we have the strongest local platform and partner in Solar Juice to capitalize on this enormous market opportunity."
About Solar Power, Inc. (OTCBB: SOPW)
Solar Power, Inc. ("SPI" or the "Company") is a global leader in enabling photovoltaic ("PV") solutions for business, residential, government and utility customers and investors. SPI focuses on the downstream PV market including the development, financing, installation, operation and sale of utility-scale and residential solar power projects in China, Japan, Europe and North America. The Company also operates an innovative online energy e-commerce and investment platform, www.solarbao.com, which enables individual and institutional investors to purchase innovative PV-based investment and other products; as well as www.solartao.com, a B2B e-commerce platform offering a range of PV products. The Company has its operating headquarters in Shanghai and global operations in Asia, Europe, North America and Australia.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of SPI, its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "expects" or similar expressions. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Among other things, the quotations from management in this press release contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including uncertainties regarding whether the transactions contemplated will be successfully completed. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risks and other factors detailed in the company's reports filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
Amy Liu, Solar Power, Inc. (800) 548-8767
SOURCE Solar Power, Inc.