HONG KONG and SANTA CLARA,California, August 12, 2020 (GLOBE NEWSWIRE) -- SPI Energy Co., Ltd. ("SPIEnergy" or the "Company") (NASDAQ: SPI), a global provider of photovoltaic(“PV”) solutions for business, residential, government and utility customersand investors, today announced its Board of Directors approved the Company’splan to spin off its SP Orange Power(Cyprus) Limited (“Orange Power”) subsidiary through an initial publicoffering.
OrangePower is an independent power producer targeting European markets with 43.12megawatts of photovoltaic assets in Italy, Greece, and the UK.
SPI Energy Vice PresidentKevin White will be appointed CEO of Orange Power upon completion of the spinoff.
Mr. White brings over 12 years ofinfrastructure and power expertise to his role as CEO of Orange Power. As a VPwith SPI, he has held a number of senior roles responsible for sourcinginvestment opportunities and overseeing operations including oversight of SPI’sUS Solar Operations, where he helped the companies achieve track records ofdriving value through growth initiatives, cost savings, business development,and mitigating risks.
Prior to joining SPI, Mr. White worked at Panasonic in the Eco Solutions divisionwith responsibility for mergers, acquisitions, and EPC.
Mr. Xiaofeng Peng, Chairman & ChiefExecutive Officer of SPI Energy, commented, "We believe we can unlock greatervalue through a successful spin off of our Orange Power subsidiary, and I’mconfident Kevin can lead the organization through future growth in bothEuropean and American renewable energy markets.”
AboutSPI Energy Co., Ltd.
SPI Energy is a global provider of photovoltaic(“PV”) solutions for business, residential, government and utility customersand investors. The Company develops solar PV projects that are either sold tothird party operators or owned and operated by the Company for selling ofelectricity to the grid in multiple countries in Asia, North America and Europe.The Company’s subsidiary in Australia primarily sells solar PV components toretail customers and solar project developers. The Company has its operatingheadquarter in Hong Kong and its U.S. office in Santa Clara, California. TheCompany maintains global operations in Asia, Europe, North America andAustralia.
For inquiries, pleasecontact:
SPI Energy Co., Ltd.