Solar Power Inc. to Raise $25 Million in Stock PlacementJustin Doom
Solar Power Inc., a renewable-power developer majority-owned by China’s LDK Solar Co., agreed to sell $25 million in equity in the company’s second private placement in two weeks.
Solar Power expects to use the proceeds for working capital and to pay down debt, the Roseville, California-based company said today in a statement. It agreed to sell 92,620,000 shares of common stock at 27 cents each to non-U.S. investors.
The company said July 15 that it raised $21.8 million in a private placement of stock and convertible debt. Solar Power fell 1.8 percent to 39 cents at 10:58 a.m. in New York.
LDK owns about 71 percent of Solar Power, according to data compiled by Bloomberg.