SPI Solar today announced that it has closed the acquisition of Sinsin Renewable Investment Limited ("SRIL"), as announced on September 9, 2014. Under the terms of the agreement, SPI's subsidiary, SPI China (HK) Limited, acquired all of the outstanding capital stock of SRIL from Sinsin Europe Solar Asset and Sinsin Solar Capital (collectively "Sinsin") for an aggregate purchase price of 70,660,000 Euros (U.S. $91,780,000) using a mixture of cash and SPI shares, including $27.4 million in SPI shares at $0.72 a share.
As a result, SPI immediately adds solar photovoltaic projects in Greece with an annual nameplate capacity of 26.57MW to its global portfolio. In addition, following the close of the transaction, the agreement contains a provision specifying that Sinsin or its affiliates may appoint SPI and its subsidiaries to provide engineering, procurement and construction ("EPC") services on up to 360MW of additional solar PV projects that Sinsin intends to invest in and/or develop over the next three years.
