SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ: SPI) today announced the execution of a framework agreement to acquire up to eight solar PV projects, totaling 21MW in the State of Oregon (the "Oregon Portfolio"). These solar PV projects will sell power through their respective 20-year PURPA Power Purchase Agreement with Portland General Electric, and they are expected to start construction and reach commercial operation over the next 18 months. The acquisitions are subject to customary closing conditions.
Mr. Xiaofeng Peng, Chief Executive Officer of SPI Energy, commented, "It is part of our strategic plan to expand our solar platform in the United States ("US"). As the State of Oregon looks to reach its target of 50% renewable energy by 2040, we believe this Oregon Portfolio will be a great addition to our current project pipeline, allowing us to pursue viable sales of pre-development solar project opportunities." Mr. Peng added, "By leveraging our successful development and completion of solar PV projects in Hawaii, New Jersey and California, we will continue to acquire suitable solar PV projects here in the US, while focusing on earnings growth and improving our profitability."