The China-based subsidiary of Californian vertically integrated solar PV developer SPI Solar, SPI Solar Power Suzhou, has entered into an agreement to acquire and develop multiple PV projects in China with local renewable energy company GD Solar.
The agreement gives SPI Solar first refusal to purchase any solar projects under construction by GD Solar, and includes the acquisition of 100 MW of operating PV projects in Gansu Province that have been developed by a GD Solar affiliate.
The two companies will also work together to develop 500 MW of solar PV projects in China every year from 2015 until 2017, installing 1.5 GW of capacity overall. SPI Suzhou will develop, finance and hold the equity interests in these new projects, while GD Solar will act as EPC to develop them.
Furthermore, SPI Solar will acquire 10 MW of PV assets from GD Solar's Liaoning Province, and 50 MW of operational assets from Inner Mongolia.
"We are excited to announce this strategic partnership," said GD Solar's general manager Xu Zhong. "SPI Solar has demonstrated its ability to rapidly scale in the China PV market. We look forward to partnering with SPI on these projects and achieving mutual success."
SPIs chairman, Xiaofeng Peng, added that the company plans to leverage its unique strengths in China to expand its role in the development of domestic PV power across the country.
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