On 16th October’14, BrilliantPennyStocks.com initiated coverage on SOPW. The stock moved up by 47.55% since the coverage was initiated.
Photovoltaic solar developer Solar Power, Inc. (OTCMKTS:SOPW) made a huge splash recently after it announced recently that its 100% owned business unit
SPI Solar Power Suzhou Co., Ltd had signed a purchase agreement with Chinese firm ZhongNengGuoDian New Energy Development and Investment Jiangsu Co., Ltd.
Two Separate Frame Work Agreements Signed
The framework agreement signed between the two firms relates to its purchase and transfer of ownership over six under construction PV projects based in China. In a separate press note, Solar Power, Inc. (OTCMKTS:SOPW) also announced the signing of a corresponding framework agreement with ZhongNengGuoDian Green Ecological Cooperation and Development Jiangsu Co., Ltd. This second agreement spells out terms and circumstances under which the U.S firm will acquire an operating stake in the equity of ZhongNeng New Energy.
Chairman’s Comments
Solar Power, Inc. (OTCMKTS:SOPW) Chairman of the BoardXiaofengPeng in his statement to the press, post the announcement indicated that, "We are pleased to announce these agreements and our intention to acquire the six PV projects, comprising a total of 360 megawatts in China, and ZhongNeng New Energy, a proven PV project development platform with an excellent pipeline."
Road Map To Increase CashFlow and Revenue
MrPeng went on to stress that by acquiring these additional projects and expanding its portfolio, Solar Power, Inc. (OTCMKTS:SOPW) is aiming to increase its scale of operations. He then went on to indicate that as a consequence of operation expansion, revenue and cash flow into the company coffers will increase over the next few quarters. The firm also hopes to expand its operational footprint in strategic growth areas in China and India.
Solar Power, Inc. (OTCMKTS:SOPW) aims to pay RMB140.0 million (U.S. $22.9 million) in cash by November 20, 2014 to operationalize the agreement. The final sale price would be arrived at post the completion of the due diligence process initiated by the firm.
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