This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

SPI Solar Acquires Italian EPC Contractor Solar Green Technologies

SPI Solar (“SPI”) ( OTCBB:SOPW), a leading solar developer, today announced that it has acquired 100% of the outstanding shares of Italy-based Solar Green Technologies (“SGT”) from LDK Solar Europe Holdings S.A., a wholly owned subsidiary of LDK Solar Co., Ltd. (“LDK”), and the two founders of SGT for approximately €5 million, primarily comprised of approximately 13,400,533 shares of SPI common stock valued at approximately $0.45 per share, plus approximately $250,000 of cash to the two founders of SGT. SPI believes this acquisition will be financially accretive as SGT’s current book of business and pipeline of projects are currently expected to generate immediate revenue and earnings for SPI both near term and on an ongoing basis. SGT’s current booked pipeline consists of 20MW of rooftop solar installations for the Century program serving as EPC provider for approximately 33 distributed generation systems as well as Epicuro Fund’s 25MW project pipeline for another 30-40 systems.

“The SGT acquisition is a perfect complement to our global growth strategy,” said Stephen Kircher, CEO for SPI Solar. “In addition to providing a base for our business development and EPC activities as we expand our European efforts, SGT’s revenue and profitability goals align seamlessly with SPI’s. More importantly, this acquisition will enable SPI to accelerate our ramp toward our three-year goal of potentially developing approximately 500 megawatts in solar projects per year.”

“We are very happy to be part of the SPI Solar team,” said Angelo Prete, Managing Director of Solar Green Technology. “The combination of our companies provides SPI Solar with an even stronger European presence. From an organizational perspective, we have many complementary resources that we can leverage to extend SPI’s reach throughout Europe and beyond.”

Solar Green Technologies was founded in 2008, and LDK purchased a 70% interest in the company in 2009. From 2008 to 2011, the company installed approximately 22 megawatts, which includes one of the largest rooftop systems in Italy. In addition to its experienced senior management, SGT will bring additional personnel with localized experience in business development and construction management roles. SGT will continue operations in Italy and Europe as a wholly owned subsidiary of SPI.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,122.01 +15.31 0.09%
S&P 500 2,000.12 +0.10 0.00%
NASDAQ 4,569.6210 -1.0160 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs