SPI Solar (“SPI”)
), a vertically integrated photovoltaic (“PV”) solar developer, today announced that after a thorough review of business and construction financing conditions in the solar industry that have impacted SPI, the management team and board of directors have determined that it is in the company’s best interest to more closely align its business operations with LDK Solar (NYSE:LDK), its parent company. As part of this realignment, the company plans to expand its project business in China while continuing operations in North America and Europe.
“We believe these initiatives will enable improved access to construction financing, provide continuity for SPI’s customers and help drive enhanced stockholder value for both companies,” said Xiaofeng Peng, chairman of the board of SPI and LDK. “SPI’s significant EPC experience will enable LDK to leverage greater international solar industry growth opportunities, particularly in China, while SPI continues to manage and grow its platform of U.S.-based solar energy facilities, which are primarily located in Hawaii and New Jersey at the present time.”
New Board Member and Global CEO Appointments:
The company also announced the appointment of two new members of the board of directors to replace Francis Chen and Dennis Wu, who have recently tendered their resignations from the board, as disclosed in SPI’s Form 10-Q for the second quarter ended June 30, 2013 and filed with the SEC on August 16, 2013. The new board members are Charlotte Xi, an experienced finance and operations executive, who most recently served as senior vice president of global operations for Canadian Solar, Inc., and Min Xiahou, who joined LDK Solar in May 2011. He serves as senior vice president of LDK Solar and the general manager of LDK Solar’s Solar Power System Division. Mr. Xiahou has extensive management experience in corporate strategy, operations, finance and public relations. He has also been appointed global chief executive officer of SPI, effective immediately. Steve Kircher, former chief executive officer and president of SPI since its inception in 2006, will continue to serve as the company’s chief strategy officer to focus on corporate strategies and business development.