SHANGHAI, April 15, 2015 /PRNewswire/ -- Solar Power, Inc. ("SPI") (OTCBB:SOPW), a vertically-integrated photovoltaic ("PV") developer, today announced that its wholly owned subsidiary, SPI Solar Japan G.K., has entered into a G.K. interest sale and purchase agreement with Re Capital K.K., a subsidiary of China-based China Reinsurance (Group) Corporation ("China Re"), to acquire the development rights of approximately 30 megawatts (MW) of solar PV projects in Japan.
SPI anticipates that construction of the identified projects, located in Japan's Kanagawa, Chiba, Ibaraki, and Fukushima Prefectures, will start from May 2015 with completion and connection to the grid for all of the projects expected by the first quarter of 2016.
In addition, SPI and Re Capital K.K. also agreed to explore co-development opportunities of up to 100 MW of additional solar PV projects in Japan, subject to finalization of the agreement.
"Today's announcement marks an exciting expansion of our business activities in Japan, one of SPI's core markets," said Xiaofeng Peng, Chairman of SPI. "The agreement also marks the beginning of our strategic collaboration with China Re to explore new opportunities in the global solar PV market."
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. The Company has its operating headquarters in Shanghai and maintains global operations in Asia, Europe and North America.
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.
SOURCE Solar Power, Inc.