or “SPI” (SOPW.OB), a vertically-integrated photovoltaic or “PV” developer, announced that SPI, together with its subsidiary, SPI China (HK) Limited, has inked a stock purchase agreement with CECEP Solar Energy Hong Kong Co., Limited or “CECEP HK”, an unit of China Energy Conservation and Environmental Protection Group, a top state-owned energy conglomerate in China, to acquire 4.3 megawatts or MW of photovoltaic projects in Italy. As part of the stock purchase agreement, SPI HK would buy all outstanding capital stock of the holding companies wholly owned by CECEP HK that hold the Italian projects for an aggregate consideration of EUR 12,500,000, in the form of 9.375 million euros of SPI’s shares and 3.125 million euros of cash. Xiaofeng Peng, Chairman of SPI, stated, “We are delighted to announce this agreement with CECEP HK, which also marks the start of a significant strategic alliance with CECEP, a top Chinese state-owned energy conglomerate.
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