SPI Solar Announces Framework Agreement With ZhongNeng GuoDian Green Ecological Cooperation And Development Jiangsu Co., Ltd. To Acquire One Of The Largest PV Project Development Companies In China

Solar Power, Inc. (“SPI” or “SPI Solar”) ( OTCBB: SOPW), a vertically-integrated photovoltaic solar developer, today announced that its wholly owned subsidiary, SPI Solar Power Suzhou Co., Ltd. (“SPI Meitai Suzhou”) has entered into a framework purchase agreement with ZhongNeng GuoDian New Energy Development and Investment Jiangsu Co., Ltd. (“ZhongNeng New Energy”), with the intention to acquire six PV projects currently under construction in China, and another framework purchase agreement with ZhongNeng GuoDian Green Ecological Cooperation and Development Jiangsu Co., Ltd. (“ZhongNeng GuoDian”), with the intention to acquire the equity interest in ZhongNeng New Energy.

“We are pleased to announce these agreements and our intention to acquire the six PV projects, comprising a total of 360 megawatts (“MWs”) in China, and ZhongNeng New Energy, a proven PV project development platform with an excellent pipeline,” said Xiaofeng Peng, Chairman of SPI. “By adding these projects to our portfolio and acquiring this development company, we expect to increase our scale and future cash flows and expand our development capabilities in key strategic regions, strengthening SPI Solar’s leading position as one of the largest PV development companies in this market.”

SPI Meitai Suzhou intends to acquire the six projects under construction in China from ZongNeng GuoDian, including a 40 MW project in Chifeng City, 60 MW in Kezuo County, 50 MW in Shangdu County, and 30 MW in Chayou County, all in Inner Mongolia, as well as a 130 MW project in Zhongwei City, Ningxia and 50 MW in Yanyuan County, Sichuan. Grid connection for these projects is expected to take place from the end of 2014 to the middle of 2015. SPI Meitai Suzhou will pay a deposit of RMB140.0 million (U.S. $22.9 million) in cash by November 20, 2014 to secure the agreement. The final purchase price for the six projects will be decided after further due diligence when the projects are completed.

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