July 23 (Renewables Now) - SPI Energy Co Ltd (NASDAQ:SPI) has entered into a framework agreement to acquire up to 21 MW of solar capacity in the US state of Oregon.
The company, which has operating headquarters in Hong Kong and Santa Clara, California, is targeting up to eight projects as part of this deal. Each of these assets has a 20-year power purchase agreement (PPA) with Portland General Electric.
The plants are seen to become operational over the next 18 months.
“As the State of Oregon looks to reach its target of 50% renewable energy by 2040, we believe this Oregon Portfolio will be a great addition to our current project pipeline, allowing us to pursue viable sales of pre-development solar project opportunities,” commented Xiaofeng Peng, CEO of SPI Energy. Peng added that the company intends to continue to buy suitable photovoltaic (PV) projects in the US.