SPI Solar Subsidiary Announces EPC Agreement For 30 Megawatt Photovoltaic (PV) Project In Ningxia, China
ROSEVILLE, CALIF.--(BUSINESS WIRE)--
SPI Solar (“SPI”) (SOPW:OTCBB), a vertically-integrated photovoltaic solar developer, today announced that its wholly-owned subsidiary, Xinyu Xinwei New Energy Co., Ltd. (“Xinwei”), has entered into an engineering, procurement and construction (“EPC”) agreement with Zhongwei Hengji Weiye Photovoltaic Power Co., Ltd. for the construction of a 30 megawatt project (MW) in Zhongwei City, Ningxia Hui Autonomous Region, China.
Construction of the project is expected to begin in August 2014 with completion and grid connection anticipated before the end of 2014. EPC services to be provided by Xinwei include survey and design, procurement of equipment and materials, construction and installation, technical services, and training, among others. This EPC agreement represents a significant milestone for SPI in developing solar projects in Western China, and adds to SPI’s growing EPC business in the domestic China PV market.
“We are pleased to announce SPI’s first EPC experience for a PV project in Ningxia, highlighting the opportunity for the construction of solar projects across China’s interior regions,” said Min Xiahou, global Chief Executive Officer of SPI. “This announcement follows others we’ve recently made regarding projects in China, and we anticipate that we will continue to expand SPI’s footprint across this growing PV market through EPC contracts, project development and selected investments in a diversified portfolio of solar projects and assets.”
About Solar Power, Inc. (SOPW:OTCBB):
SPI Solar (“SPI”) (Solar Power, Inc.) is a vertically-integrated photovoltaic solar developer offering its own brand of high-quality, low-cost distributed generation and utility-scale solar energy facility development services. From project development, to project financing and to post-construction asset management, SPI delivers turnkey world-class photovoltaic solar energy facilities and turnkey residential solar solutions to its business, government and utility customers. For additional information visit: www.spisolar.com.
Safe Harbor Statement:
This release may contain certain “forward-looking statements” relating to the business of SPI Solar, its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as “believes", “expects” or similar expressions. These statements involve known and unknown risks and uncertainties, including, but not limited to, SPI’s ability to build and construct the photovoltaic (PV) project in Zhongwei City on a timely basis. 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.
Copyright Business Wire 2014