(Bloomberg) — Solar Power Inc., a renewable-energy project
developer backed by China’s LDK Solar Co., agreed to pay $25.5
million in stock for 80 percent of closely held Solar Juice Pty.
Solar Juice was Australia’s leading photovoltaic wholesale
distributor in 2013 and 2014, according to independent research
firm SolarBusinessServices Pty., Shanghai-based SPI said in a
statement Tuesday. Installations in Australia this year may
reach 931 megawatts, according to Bloomberg New Energy Finance.
“Given the huge potential we see in the Australia PV
market in the coming years, we felt the timing was right for
Solar Juice to seek additional resources,” Andrew Burgess, a
co-founder of Solar Juice, said in the statement.
LDK owns about 26 percent of SPI, according to data cin a
Bloomberg report. SPI in January moved its headquarters to
Shanghai from California, citing stronger growth in China and
outside the U.S.
To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net
To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Robin Saponar, Carlos Caminada