SPI Solar Enters Partnership To Develop 1.5 GW Solar Power Capacity In China
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China seems to have become central to Solar Power Inc.’s business expansion plans, as the company is on an acquisition spree in the country.
SPI Solar, through one of its Chinese subsidiaries, has entered into a partnership with GD Solar, which gives the former the right to purchase 100 MW of solar PV power capacity. As per the deal, SPI Solar will also have the right to purchase 1.5 GW of additional solar power capacity that the two companies have decided to develop between 2015 and 2017.
SPI Solar will acquire a couple of solar PV projects developed and owned by GD Solar — a 10 MW solar PV project in Liaoning province and a 50 MW solar PV project in Inner Mongolia.
Inner Mongolia is a highly resource-rich region in terms of solar as well as wind energy. Solar power companies are flocking to the province to set up large-scale solar power projects. Subsidiaries of SPI Solar are working as EPC contractors for three projects in Inner Mongolia. These projects have a total generation capacity of 120 MW.
The company is expanding its business, directly as well as through subsidiaries, across various provinces in China. It is working on distributed and utility-scale power projects in the Hebei, Ningxia Hui, and Guangdong provinces.
China looks on track to achieve the target to add 45 GW solar power capacity between 2011 and 2015, a target from its 12th Five Year Plan. Recently, the National Energy Administration (NEA) announced fresh targets to achieve 100 GW of installed solar power capacity by 2020. And while the government will reduce financial support for solar power projects over the coming years, China remains one of the most attractive solar power markets in the world.
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