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SPI Energy Announces Sale of Sun Roof I Solar Project in Italy for ~€1.1M

SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ: SPI) today announced the closing of the sale of its Sun Roof I assets, a 479 kWp rooftop solar project located in Aprilia, Italy, that has been in operation since 2012.

Benzinga · 03/16/2020 10:08

SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ: SPI) today announced the closing of the sale of its Sun Roof I assets, a 479 kWp rooftop solar project located in Aprilia, Italy, that has been in operation since 2012.

Proceeds from the sale were approximately EUR 1.1 million before transaction fees, strengthening the Company's balance sheet and providing additional capital for the development of solar assets in the US.

Mr. Xiaofeng Peng, Chief Executive Officer of SPI Energy, commented, "We are excited about the successful sale of Sun Roof I, which followed the sale of Sun Roof II and Sun Roof V to the same buyer. The sale is part of our strategic plan to consolidate our solar platform in Europe as we continue to grow our solar projects pipeline in the United States, such as the recently announced acquisition of the Oregon Portfolio."