Solar Power, Inc. today announced that its wholly owned subsidiary SPI Meitai has entered into a framework agreement with TBEA Xinjiang Sunoasis Co., Ltd. to acquire from TBEA Sunoasis 168.5MW of solar projects across China, including in Gansu Province, Xinjiang Region, Inner Mongolia Region and Qinghai Province. These projects are expected to be connected to the grid starting from 2014 to the end of 2015. SPI and TBEA Sunoasis will enter into a definitive equity interest purchase agreement no later than March 31, 2015, subject to the closing conditions set out in the framework agreement.
Mr. Jianxin Zhang, General Manager of TBEA Sunoasis, said, "We are very pleased to partner with SPI Solar in developing this prominent portfolio of solar projects. SPI has established itself as a premier developer of solar projects in China."
Mr. Xiaofeng Peng, Chairman of SPI, added, "We are delighted to announce these agreements with TBEA Sunoasis, a leading provider of advanced solar products and system integration services. This important strategic partnership is part of an ongoing effort by SPI to take advantage of a rapidly expanding PV installation market across China through collaborations with key players."