SPI Energy Announces Acquisition of the Cork Solar Project

Source Company Press Release
Company SPI Energy Co., Ltd.
Tags Country: United States, M&A: Asset Deal, Deals, Renewables: Renewables News, Segment: Power
Date April 22, 2020

SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ: SPI), a global provider of green energy solutions for business, residential, government and utility customers and investors, today announced the acquisition of the Cork project from the previously announced framework agreement to acquire up to eight solar projects in the state of Oregon (the “Oregon Portfolio”). The Cork solar project will produce a total of approximately 1.89MW in the State of Oregon. The Cork solar project is a ground-mounted PV project and is located in Clackamas County, Oregon. The project will participate in the newly formed Oregon Community Solar Program. Following the acceptance and approval from the Public Utility Commission of Oregon, SPI, through its wholly-owned subsidiary Solar Town, will begin offering Community Solar Subscriptions to Businesses, Non-Profits & Homeowners in the Portland General Electric (PGE) utility territory. Electricity users will be able to save up to 10% on their electricity bills from the off-site solar gardens.

Mr. Xiaofeng Peng, Chief Executive Officer of SPI Energy, commented, “We are pleased with the closing of the acquisition of the Cork project as we believe our Oregon portfolio will continue to be a core part of our business for years to come.” Mr. Peng added, “We are happy with the progress of the Oregon Community Solar Program and look forward to providing PGE customers with a more cost-effective option for their electricity with our Community Solar Gardens.”

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