SPI Energy Co. Ltd. (NASDAQ: SPI) is watching its shares make a handy gain on Monday after it signed two new contracts with China. The company announced that its subsidiary Xinwei Solar Power Engineering (Suzhou) has signed two new engineering, procurement, and construction (EPC) contracts in China: a 40 megawatt (MW) PV power generation project with Inner Mongolia Jitong New Energy Technology Co., Ltd.; and a 6MW project with Linze County Tianheng New Energy.
Under the contracts, SPI Energy will provide a wide range of services from engineering and procurement to construction and distribution for the second phases of these projects. Located in Inner Mongolia province, the Jitong New Energy project will generate a total of 50MW of power when phase two is complete, while the Linze Tianheng project in Gansu province will generate a total of 12MW. The projects are scheduled to be completed by the end of 2017.
For some background, SPI is a global provider of photovoltaic (PV) solutions for business, residential, government and utility customers and investors. The company focuses on the downstream PV market including the development, financing, installation, operation and sale of utility-scale and residential solar power projects in China, Japan, Europe and North America. Also it operates an innovative online energy e-commerce and investment platform.
Xiaofeng Peng, Chairman and CEO of SPI Energy, commented:
These projects add to SPI Energy’s strategy of delivering high quality solar plants and supplying more clean energy to the grid in China. SPI Energy has successfully completed the first phase of these projects and we are delighted to be awarded the remaining EPC work as well. This is a testament to the strong focus on quality and efficiency of our experienced team.
Shares of SPI were last trading up 19% at $7.10, with a 52-week trading range of $4.66 to $17.48.
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