Solar Power, Inc. a vertically-integrated photovoltaic (“PV”) project developer, today announced that it has entered into an agreement with RE Projects Development (“REPD”), a leading utility-scale PV project developer in the United Kingdom, to co-develop approximately 25 megawatts (“MW”) of photovoltaic projects in the UK.
Under the terms of the agreement, SPI and REPD UK will co-develop sub-5 MW projects at various locations in South Wales, South East Midlands and Northern England. The projects generally enjoy favorable radiation conditions and accessible connection to the grid. SPI anticipates that all of the projects may be completed and sold by the third quarter of 2015, contributing significantly to its revenue in 2015. Additional projects will be added to the portfolio as REPD and SPI secure suitable project sites. SPI believes these projects will be keenly sought after by investors, as they will have accreditation under the UK’s Feed-in-Tariff (FiT) scheme or Renewables Obligation Certificates (ROCs) at rates of 1.3 ROCs/MWh.
Xiaofeng Peng, Chairman of SPI, stated, “We are pleased to announce another significant partnership to develop PV projects in the UK, one of the strongest PV markets globally. Given investors’ interest in these attractive projects due to their eligibility to receive FiT and ROC 1.3 incentives, this partnership further cements SPI’s footprint in this core market, and brings additional diversification to our global PV business.”