Xinyu Xinwei New Energy Co., Ltd., an SPI Solar subsidiary, has signed an agreement to purchase and develop approximately 19MW of distributed generation (DG) solar power projects in Shouguang, Shandong Province, China.
The agreement will be carried out through the acquisition of a special purpose vehicle (SPV) that owns the rights to such projects and calls for the development of four rooftop sites that consist of 5MW, 5MW, 4.5MW and 4.5MW, respectively, for established manufacturers in China.
Construction of the projects is scheduled to begin this month. Completion and grid connection is expected during the 4Q 2014.
This marks SPI’s second significant DG project announcement in Shandong Province in the past month.
According to SPI, China’s National Energy Administration (NEA) recently issued its announcement outlining key policy initiatives targeting DG solar in China, including a new definition for DG system qualification and new financial programs supporting DG. The announcement was viewed widely as a positive for accelerating installations toward the NEA’s 5GW DG target.
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