MCCLELLAN PARK, CA / ACCESSWIRE / May 24, 2023 / SPI Energy Co., Ltd., (NASDAQ:SPI) (the 'Company'), a global renewable energy company and provider of solar, storage and electric vehicle (EV) solutions for business, residential, government, logistics and utility customers, today announced that the company signed an agreement to sell an 18.25MW community solar portfolio in Oregon (the 'Oregon Portfolio') to Luminace. Luminace is the North American decarbonization-as-a-service platform of Brookfield Renewable and has an operational and development portfolio of more than 4,000 megawatts of distributed energy resources.
The six projects in the portfolio are participating in the Oregon Community Solar Program and the energy produced by the ground-mount community solar arrays will allow residents and businesses in the Portland General Electric (PGE) territory to benefit from clean energy savings by offsetting their electricity bills with solar energy. The six projects are expected to commence construction in the second quarter of 2023.
Mr. Xiaofeng Peng, Chief Executive Officer of SPI Energy, commented, 'We appreciate the collaboration with the Luminace team and are excited to begin construction of these projects, which should help expedite our path to profitability.'
'Our recent agreement with SPI Energy enables access to clean, renewable solar energy to residents and businesses in the Portland area and extends our footprint in the Pacific Northwest,' says Brendon Quinlivan, Luminace's Chief Executive Officer.
About SPI Energy
SPI Energy Co., Ltd. (NASDAQ:SPI) is a global renewable energy company and provider of solar, storage and electric vehicle (EV) solutions that was founded in 2006 in Roseville, California and is headquartered in McClellan Park, California.
The company has three core divisions: SolarJuice which has solar wholesale distribution in Australia, as well as residential solar and roofing installation and solar module manufacturing. SPI Solar and Orange Power which operates a commercial & utility solar division, and the EdisonFuture/Phoenix Motor EV division. SolarJuice is the leader in renewable energy system solutions for residential and small commercial markets and has extensive operations in the Asia Pacific and North America markets. The SPI Solar commercial & utility solar division provides a full spectrum of EPC services to third party project developers, and develops, owns and operates solar projects that sell electricity to the grid in multiple regions, including the U.S., U.K., and Europe. Phoenix Motor is a leader in medium-duty commercial electric vehicles, and is developing EV charger solutions, electric pickup trucks, electric forklifts, and other EV products.
SPI maintains global operations in North America, Australia, Asia and Europe and is also targeting strategic investment opportunities in fast growing green energy industries such as battery storage, charging stations, and other EVs which leverage the Company's expertise and substantial solar cash flow.
For more information on SPI Energy and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company's public filings and press releases available under the Investor Relations section at www.SPIgroups.com or available at www.sec.gov.
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as 'may,' 'might,' 'will,' 'intend,' 'should,' 'could,' 'can,' 'would,' 'continue,' 'expect,' 'believe,' 'anticipate,' 'estimate,' 'predict,' 'outlook,' 'potential,' 'plan,' 'seek,' and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue 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 may differ materially from the Company's current expectations depending upon a number of factors. These factors include, among others, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described in the 'Risk Factors' section of the Company's annual report filed on Form 10-K filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.
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