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    SPI Solar to acquire majority interest in Solar Juice

     Global solar energy developer and EPC contractor SPI Solar has announced an agreement to purchase an 80 per cent stake in Solar Juice, a wholesale distributor of solar panels and complete solar systems.

    SPI announced on March 31 that its wholly owned subsidiary, SPI China (HK) Limited, had entered into a definitive share purchase agreement to acquire 80 per cent of the outstanding capital stock of Solar Juice, in return for approximately US$25.5 million in SPI common stock. The acquisition is SPI’s first foray into the Australian solar PV market.

    Andrew Burgess, co-founder of Solar Juice, commented, “We have spent over five years building Solar Juice into the leading PV wholesale distribution business in Australia. Given the huge potential we see in the Australia PV market in the coming years, we felt the timing was right for Solar Juice to seek additional resources to capture this once-in-a-lifetime opportunity. We think we have found the ideal partner in SPI.” Rami Fedda, co-founder of Solar Juice, added that he felt the combination of the two organisations could take advantage of more opportunities than a standalone business.

    “We have been evaluating for some time the best entry point into the very promising Australia market,” said Xiaofeng Peng, Chairman of SPI. “We feel this is truly a win-win arrangement for both companies, and we look forward to working closely with our new partners and shareholders at Solar Juice.” 

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