Under the agreement signed with ZhongNeng GuoDian New Energy Development and Investment Jiangsu, SPI Solar Power Suzhou will acquire a 40MW project in Chifeng City, 60MW in Kezuo County, 50MW in Shangdu County.
SPI Solar Power Suzhou will also buy a 30MW in Chayou County, a 130MW project in Zhongwei City, Ningxia and a 50MW development in Yanyuan County, Sichuan.
The six solar projects are scheduled to be connected to grid from the end of 2014 to the mid-2015.
By 20 November 2014, SPI Solar Power will initially pay RMB140m ($22.9m) to secure the deal while the final purchase price for the six projects will based on additional due diligence upon completion of the projects.
Under the agreement signed with ZhongNeng GuoDian Green Ecological Cooperation and Development Jiangsu, SPI Solar Power Suzhou will acquire ZhongNeng New Energy for RMB100m ($16.3m).
Solar Power chairman Xiaofeng Peng said: "We are pleased to announce these agreements and our intention to acquire the six PV projects, comprising a total of 360 megawatts ("MWs") in China, and ZhongNeng New Energy, a proven PV project development platform with an excellent pipeline.
"By adding these projects to our portfolio and acquiring this development company, we expect to increase our scale and future cash flows and expand our development capabilities in key strategic regions, strengthening SPI Solar’s leading position as one of the largest PV development companies in this market."
