SPI to Pay $25.5 Million in Stock for Solar Juice Majority StakeJustin Doom
Solar Power Inc., a renewable-energy project developer backed by China’s LDK Solar Co., agreed to pay $25.5 million in stock for 80 percent of closely held Solar Juice Pty.
Solar Juice was Australia’s leading photovoltaic wholesale distributor in 2013 and 2014, according to independent research firm SolarBusinessServices Pty., Shanghai-based SPI said in a statement Tuesday. Installations in Australia this year may reach 931 megawatts, according to Bloomberg New Energy Finance.
“Given the huge potential we see in the Australia PV market in the coming years, we felt the timing was right for Solar Juice to seek additional resources,” Andrew Burgess, a co-founder of Solar Juice, said in the statement.
LDK owns about 26 percent of SPI, according to data cin a Bloomberg report. SPI in January moved its headquarters to Shanghai from California, citing stronger growth in China and outside the U.S.