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SPI Energy to shed Chinese solar business

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SPI Energy to shed Chinese solar business


August 31 (Solar) – Hong Kong-headquartered SPI Energy Co Ltd (NASDAQ:SPI) announced today it has agreed to dispose of its Chinese business, including all local solar projects.

The transaction concerns SPI China (HK) Ltd, which holds all of the firm's assets and liabilities related to its Chinese business, including the engineering, procurement and construction (EPC) operations, photovoltaic (PV) projects, the Internet finance lease related business, and E-commerce in China.

The buyer is Lighting Charm Ltd, a company tied to Tracy Zhoushan, who, in turn, is the spouse of SPI Energy’s chairman and CEO Xiaofeng Peng. Lighting Charm will pay the greater of USD 1.00 (EUR 0.857) in cash or the fair market value of the business as determined by an independent appraisal firm. It will also get the option to buy up to 10 million of SPI Energy's ordinary shares over a period of three years at USD 0.38 apiece.

In addition to offering renewable energy solutions, SPI Energy is also engaged in the provision of cryptocurrency miner hosting services.

(USD 1.0 = EUR 0.857)


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