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US-China PV firm acquires Italian solar contractor

SPI Solar acquires Solar Green Technologies and adds 20 MW of rooftop PV

In acquiring Solar Green Technologies, SPI Solar has added 20 MW of rooftop PV installations

A PV developer based in China and the US has acquired an Italian solar contractor. SPI Solar, a leading solar developer, has announced that it has acquired 100 per cent of the outstanding shares of Italy-based Solar Green Technologies (“SGT”) from LDK Solar Europe Holdings S.A.

SPI believes this acquisition will be financially accretive as SGT’s current book of business and pipeline of projects are currently expected to generate immediate revenue and earnings for SPI both near term and on an ongoing basis.

SGT’s current booked pipeline consists of 20 MW of rooftop solar installations for the Century program serving as EPC provider for approximately 33 distributed generation systems, as well as Epicuro Fund’s 25 MW project pipeline for another 30-40 systems.

“The SGT acquisition is a perfect complement to our global growth strategy,” said Stephen Kircher, CEO for SPI Solar. “In addition to providing a base for our business development and EPC activities as we expand our European efforts, SGT’s revenue and profitability goals align seamlessly with SPI’s. More importantly, this acquisition will enable SPI to accelerate our ramp toward our three-year goal of potentially developing approximately 500 megawatts in solar projects per year.” 

“We are very happy to be part of the SPI Solar team,” said Angelo Prete, Managing Director of Solar Green Technology. “The combination of our companies provides SPI Solar with an even stronger European presence. From an organizational perspective, we have many complementary resources that we can leverage to extend SPI’s reach throughout Europe and beyond.”