SPI Announces Agreement to Sell UK Solar Project to Fund Managed by BlackRock
SHANGHAI, June 9, 2015 /PRNewswire/ -- Solar Power, Inc. ("SPI") (OTCBB: SOPW), a vertically-integrated photovoltaic ("PV") developer, today announced that its wholly-owned subsidiary, SPI China (HK) Limited, has entered into a definitive agreement to sell the entire issued share capital of Solar Park Developments 3 Ltd ("Grange Farm"), which holds a solar project in the United Kingdom with a capacity of approximately 9.5 megawatts (MW), to a fund managed by BlackRock, Inc. ("BlackRock"), a global leader in investment management, risk management and advisory services. The completion of the above transaction is subject to the satisfaction of customary closing conditions.
The Grange Farm solar project is located in Kirkby on Bain, Lincolnshire, and will form one of the holdings of the BlackRock Renewable Income UK Fund, managed by BlackRock's Infrastructure Investment Group. The project commenced construction in the first quarter of 2015 and was connected to the grid in March 2015. The Grange Farm solar project is eligible to receive Renewables Obligation Certificates (ROCs) at 1.4 ROCs/MWh for 25 years under the UK's Renewables Obligation (RO) scheme.
"We are pleased to partner with BlackRock, one of the leading global infrastructure investors, on the sale of Grange Farm," commented Xiaofeng Peng, Chairman of SPI. "We believe this transaction is a testament to SPI's growing track record of delivering bankable solar power solutions in the UK market and globally."
Rory O'Connor, Managing Director at BlackRock, said, "We are very pleased to work with SPI on this long-term, all-equity investment in the Grange Farm solar power project, part of BlackRock's significant investment programme in the UK renewables sector."
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.
For additional information visit: www.spisolar.com, www.solarbao.com, www.solarbao.com.hk or www.solartao.com
About BlackRock, Inc.
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At March 31, 2015, BlackRock's AUM was $4.774 trillion. BlackRock helps clients meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of March 31, 2015, the firm had approximately 12,300 employees in more than 30 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa.
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.
Contact:
Amy Liu
Solar Power, Inc.
+1(800)548-8767
SOURCE Solar Power, Inc.
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