SANTA CLARA, CA / ACCESSWIRE / August 24, 2021 / SPI Energy Co., Ltd. (“SPI Energy” or the “Company”) (NASDAQ: SPI), a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions to business, residential, government, logistics, utility and investors, today announced that Orange Power Inc., a wholly-owned Independent Power Producing ( “IPP”) Secured Loan Financing for the completion of the 718 kW solar carport project Oahu 101-1 at the Hawaii Agricultural Research Center (“HARC”) in Oahu, Hawaii.
Funding was secured from the East West Bank, the largest publicly traded bank in Southern California. As part of the bank’s clean tech loan program, the loan facility allows Orange Power to complete construction of the project and begin operations at the site by the end of 2021. Upon completion, the Oahu 101-1 solar carport is expected to have around 1,200 MWh. generate enough annually to supply more than 190 Hawaiian households with electricity. Orange Power will own and operate the project for the next 20 years and sell the electricity from the solar carport to Hawaiian Electric (HECO).
“SPI Energy is proud to contribute to Hawaii’s growing renewable energy industry with our first project in Oahu,” said Xiaofeng Peng, Chairman and CEO of SPI Energy. “We see this as a platform for continued investment in the state, where we already have 11.6 MW total late-stage projects and a growing pipeline of additional projects that have years of potential work to do.”
“We are also delighted to partner with East West Bank, a leading financier of renewable energy projects in the US,” continued Peng. “They have demonstrated their professionalism, industry knowledge and transaction efficiency throughout the financing process. We look forward to building our strategic relationship with their exceptional team.”
“Despite the impact of the pandemic on the clean tech energy industry, East West Bank remains confident about clean tech and sustainable funding,” said Jacky To, vice president and group head of clean tech lending at East West Bank . “This funding also underscores our commitment to providing asset owners with the capital solutions required for their evolving needs.”
As part of the Hawaii Clean Energy Initiative, the state is working to become the first 100% renewable energy portfolio in the country. The Hawaii Clean Energy Initiative is a partnership between the US state of Hawaii and the US Department of Energy that was established in 2008. It brings together business leaders, policymakers, and concerned citizens who are committed to bringing Hawaii toward energy independence.
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. (SPI) is a global renewable energy company and provider of solar storage and electric vehicle (EV) solutions to business, residential, government, logistics, utility customers and investors. The company provides a full range of EPC services to external project developers and develops, owns and operates solar projects that sell electricity to the grid in several countries including the US, UK, Greece, Japan and Italy. The company is headquartered in Santa Clara, California, and has global offices in Asia, Europe, North America and Australia. SPI also targets strategic investment opportunities in green industries such as battery storage and charging stations, leveraging the company’s expertise and growing cash flow base from solar projects, and funding the development of projects in agriculture and other markets with significant growth potential.
For more information about SPI Energy and its subsidiaries, the company encourages shareholders, investors and other interested parties to read the company’s public filings and press releases, which are available in the Investor Relations section at www.SPIgroups.com or available from www.sec.gov.
Via East West Bank
East West Bank offers financial services that help clients move forward and open up new opportunities. The bank is wholly owned by East West Bancorp, Inc., which has total assets of $ 59.9 billion and trades on the Nasdaq Global Select Market under the symbol “EWBC”. East West Bank operates over 120 locations in the US and China. In the United States, East West Bank has offices in California, Georgia, Massachusetts, Nevada, New York, Texas, and Washington. In China, East West has full-service offices in Hong Kong, Shanghai, Shantou and Shenzhen, as well as representative offices in Beijing, Chongqing, Guangzhou and Xiamen. For more information on East-West, see www.eastwestbank.com.
This press release contains forward-looking statements within the meaning of the Private Litigation Reform Act of 1995 that involve significant risks and uncertainties. Forward-looking statements can be identified by the use of words such as “could”, “could”, “will”, “intend”, “should”, “could”, “may”, “would”, “continue”, “expect”, ” believe, “anticipate,” “estimate,” “predict,” “look out,” “potentially,” “plan,” “seek” and similar expressions and variations or the negatives of these terms or other similar terminology Readers are cautioned not to Reliance on these forward-looking statements, which reflect the company’s current expectations and speak only as of the date of this release. Actual results could differ materially from current expectations of the company based on a number of factors, including but not limited to the coronavirus (COVID-19) and the effects of the outbreak and related measures, adverse changes in general economic and market conditions, competitive factors, including but not limited to ncts on pricing pressures and new product launches, uncertainty over customer acceptance of new products, t offers and market changes, risks associated with managing business growth and other risks and uncertainties set out in the âRisk Factorsâ section of the Companyâs Annual Report on Form 20-F filed at filed with the Securities and Exchange Commission. Unless required by law, the company assumes no responsibility to revise or update forward-looking statements.
SOURCE: SPI Energy Co., Ltd.
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