Leading provider of smart PV solutions to strengthen SPI's smart PV solutions offering, enhance Solarbao.com investment platform
SHANGHAI, May 8, 2015 -- Solar Power, Inc. ("SPI") (OTCBB: SOPW), a vertically-integrated photovoltaic ("PV") developer, today announced that it has entered into a definitive share purchase agreement to acquire a controlling interest in Convertergy Energy Technology Co., Ltd. ("Convertergy Technology"), a leading provider of smart monitoring and optimization services in the PV industry.
Under the terms of the share purchase agreement, SPI will acquire 100% of the outstanding capital stock of Convertergy I Holdings Limited, which owns 76.8% of the equity interest in Convertergy Technology, for an aggregate consideration of US$13.8 million and will repay a shareholder loan of US$1.5 million owed by Convertergy Technology as well as accrued interest to the seller. Both the consideration and loan repayment will be settled in SPI's common stock. The transaction is subject to several customary closing conditions.
Utilizing its expertise in power electronics, wireless sensor networks and big data analysis, Convertegy Technology has developed a comprehensive product portfolio, including a module-level monitor, optimizer, and cloud-based software system. Convertergy Technology's products help reduce O&M cost and boost power output in solar farms and rooftop solar systems.
Founded in 2011, Convertergy Technology is headquartered in Shanghai, China.
"As a leader in smart monitoring and optimization, Convertergy Technology further strengthens SPI's growing portfolio of PV smart solutions," said Xiaofeng Peng, Chairman of SPI. "The ability to offer advanced technology applications such as power optimization and big data analysis to traditional PV is increasingly becoming a major differentiator in the global solar industry, and combining Convertergy Technology's leading solutions with our Solarbao.com platform will create a fully integrated energy internet platform that we believe will create significant value for our customers and shareholders."
About Solar Power, Inc. (OTCBB: SOPW)
Solar Power, Inc. ("SPI" or the "Company") is a global leader in enabling photovoltaic ("PV") solutions for business, residential, government and utility customers and investors. SPI focuses on the downstream PV market including the development, financing, installation, operation and sale of utility-scale and residential solar power projects in China, Japan, Europe and North America. The Company also operates an innovative online energy e-commerce and investment platform, www.solarbao.com, which enables individual and institutional investors to purchase innovative PV-based investment and other products; as well as www.solartao.com, a B2B e-commerce platform offering a range of PV products. The Company has its operating headquarters in Shanghai and global operations in Asia, Europe, North America and Australia.
For additional information visit: www.spisolar.com, www.solarbao.com, www.solarbao.com.hk or www.solartao.com.