SPI Raises $48.3 Million to Build Solar Rooftop Projects

Solar Power Inc., a renewable-energy developer backed by China’s LDK Solar Co., completed a $48.3 million private placement of stock for new project development.

SPI will use the proceeds to build large-scale solar farms as well as residential and and commercial rooftop systems, the Roseville, California-based company said in a statement today.

The company said on Oct. 29 it would buy the roofing and solar-panel mounting company Shanghai All-Zip Roofing System Group for about 330 million yuan ($54 million).

LDK owned 42 percent of Solar Power as of Aug. 19, according to a company filing.

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