Solar Power, Inc. ("SPI") (OTCBB: SOPW), a vertically-integrated photovoltaic ("PV") developer, today announced that its wholly-owned subsidiary, SPI China (HK) Limited, has entered into a definitive agreement to sell the entire issued share capital of Solar Park Developments 3 Ltd ("Grange Farm"), which holds a solar project in the United Kingdom with a capacity of approximately 9.5 megawatts (MW), to a fund managed by BlackRock, Inc. ("BlackRock"), a global leader in investment management, risk management and advisory services. The completion of the above transaction is subject to the satisfaction of customary closing conditions.
The Grange Farm solar project is located in Kirkby on Bain, Lincolnshire, and will form one of the holdings of the BlackRock Renewable Income UK Fund, managed by BlackRock's Infrastructure Investment Group. The project commenced construction in the first quarter of 2015 and was connected to the grid in March 2015. The Grange Farm solar project is eligible to receive Renewables Obligation Certificates (ROCs) at 1.4 ROCs/MWh for 25 years under the UK's Renewables Obligation (RO) scheme.
"We are pleased to partner with BlackRock, one of the leading global infrastructure investors, on the sale of Grange Farm," commented Xiaofeng Peng, Chairman of SPI. "We believe this transaction is a testament to SPI's growing track record of delivering bankable solar power solutions in the UK market and globally."
Rory O'Connor, Managing Director at BlackRock, said, "We are very pleased to work with SPI on this long-term, all-equity investment in the Grange Farm solar power project, part of BlackRock's significant investment programme in the UK renewables sector."
