Solar Power, Inc. today announced that it has entered into an agreement to acquire from Shotmeyer Solar, LLC 100% of its membership interest in Beaver Run Solar Farm, LLC ("BRSF"). BRSF has obtained certain approvals for development of a 9.9 megawatt DC solar project site in Lafayette, New Jersey. As part of the agreement, SPI has also executed a long-term ground lease with Shotmeyer Solar, LLC for the land dedicated for the solar project. The transaction is expected to close prior to year-end 2014.
Construction on the project is anticipated to begin in the first quarter of 2015 with completion and grid connection anticipated by approximately the fourth quarter of 2015. It is anticipated that once completed, the solar project will be owned and operated by SPI.
"We are pleased to announce this agreement in this very attractive US solar market, which highlights SPI's ability to diversify our global PV asset portfolio in core solar markets," said Xiaofeng Peng, Chairman of SPI. "The State of New Jersey has been both a proponent and early adopter of solar power and clean energy solutions, and we are excited to have the opportunity to develop such a substantive project here."