SPI Solar intends to acquire the 100% equity interest in ZhongNeng New Energy at an aggregate purchase price of RMB100.0 million (U.S. $16.3 million), consisting entirely of SPI’s ordinary shares; 49% of the total consideration, or RMB49.0 million (U.S. $8.0 million) will be determined based on the Renminbi-to-U.S.-dollar exchange rate and closing price of SPI’s ordinary shares of U.S. $2.35 per share on October 22, 2014, or approximately 3.4 million ordinary shares, and 51% of the total consideration, or RMB51.0 million, will be based on the five-day averages of the trading prices of SPI’s ordinary shares and Renminbi-to-U.S.-dollar exchange rates prior to the closing date of the acquisition.Subject to the terms and conditions of the framework agreements, SPI Meitai Suzhou and ZhongNeng New Energy will enter into a definitive purchase agreement for the purchase of the six projects by March 31, 2015, and SPI Meitai Suzhou and ZhongNeng GuoDian will enter into a definitive purchase agreement for the acquisition of ZhongNeng New Energy within five days thereafter. SPI Solar plans to acquire more PV projects using SPI Meitai Suzhou as an investment platform. About Solar Power, Inc. (OTCBB: SOPW): Solar Power, Inc. (“SPI” or “SPI Solar”) is a vertically-integrated photovoltaic solar developer offering its own brand of high-quality, low-cost distributed generation and utility-scale solar energy facility development services. From project development, to project financing and to post-construction asset management, SPI delivers turnkey world-class photovoltaic solar energy facilities and turnkey residential solar solutions to its business, government and utility customers. For additional information visit: www.spisolar.com. Safe Harbor Statement: This release may contain certain “forward-looking statements” relating to the business of SPI Solar, its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates," “expects” or similar expressions. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including uncertainties regarding whether the transactions contemplated will be successfully completed and whether the acquisition of the projects will be successful. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risks and other factors detailed in the company's reports filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
Currency Convenience TranslationUnless otherwise noted, the conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of June 30, 2014, which was RMB6.2036 to U.S. $1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.