Solar Power, Inc. today announced that it, together with its wholly owned subsidiary, Meitai Investment, has entered into a definitive share purchase agreement with Shanghai All-Zip Roofing System Group Co., Ltd., and all of its shareholders for the acquisition of 100% of the equity interest in All-Zip.
Pursuant to the share purchase agreement, Meitai Investment agreed to purchase from the All-Zip Sellers 100% of the equity interest in All-Zip for an aggregate consideration of RMB275 million to be settled with SPI's shares of common stock at $2.38 per share, subject to customary closing conditions and other terms and conditions set forth in the share purchase agreement.
"Following upon the framework agreement announced last October, we are pleased to announce this agreement to acquire All-Zip," said Xiaofeng Peng, Chairman of SPI. "All-Zip's expertise in providing comprehensive roofing solutions for commercial and industrial installations fits well with SPI's strategy to capitalize on the growing market in China for the development of distributed generation (DG) solar PV projects, which China's National Energy Administration (NEA) has pledged to actively support in the coming years. Combined with SPI's innovative online energy e-commerce and investment platform Solarbao.com, All-Zip gives SPI a strong foundation to capture market share in the lucrative commercial and industrial rooftop DG segment in China."