Solar Power, Inc. (SPI), through its wholly-owned subsidiary, SPI Solar Japan G.K., has entered into a strategic partnership with K.K. Uniroot (Uniroot), an Osaka-based corporation with PV project development interests, to form a joint venture in Japan for developing more than 500MW of solar PV projects in Japan.
Under the terms of the agreement, SPI will assume primary responsibility for certain functions including project funding, construction and equipment procurement, with Uniroot bearing primary responsibility for other matters including land purchase and lease, securing necessary permits, and obtaining power purchase agreements with local utilities, among others.
"We are delighted to announce this partnership agreement with Uniroot to jointly develop solar PV power plants in Japan, one of SPI's core markets globally," said Xiaofeng Peng, Chairman of SPI. "Combining SPI's leading expertise in developing world-class PV power plants with Uniroot's deep local connections and experience in the Japanese solar market, we are confident that this a win-win partnership which will create significant value for both parties in the years ahead."
In terms of the JV formed between SPI and Uniroot, SPI will hold no less than 51% equity interest, for the development of the Solar PV power plant projects.
