SANTA CLARA, CA / ACCESSWIRE / March 14, 2022 / SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ:SPI), 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 its SPI Solar Inc. ("SPI Solar") subsidiary secured approximately 465 acres across two parcels for the development of a utility-scale solar project in Illinois.
The 54 megawatt ("MW") alternating current, 78.4MW direct current project is expected to produce 124,986MW hours ("MWh") of electricity in its first full year of operation, the equivalent electricity needed to annually offset CO2 emissions of more than 11,000 homes.
"This is another significant project for SPI Solar," said Xiaofeng Denton Peng, Chairman and CEO of SPI Energy. "Our growing operations clearly demonstrate our ability to generate meaningful impact in CO2 emissions reduction with solar technologies. Illinois enacted the Climate and Equitable Jobs Act in 2021 with the goal of achieving 100 percent carbon-free energy by 2045. We are excited to play an important role in helping the state achieve this noteworthy goal and look forward to bringing this utility scale project to fruition over the next few years."
The U.S. installed 5.4 GW of solar PV capacity in Q3 2021 to reach 113.5 GW of total installed capacity, enough to power 21.8 million American homes, from the source of SEIA (Solar Energy Industries Association). It is expected that U.S. solar generating capacity to grow by 21.5 GW in 2022. In total, the U.S. solar market will install more than 107 GW of solar over the next five years.
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 Santa Clara, California.
The company has three core divisions: SolarJuice residential solar, the commercial & utility solar division comprised of SPI Solar and Orange Power, 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 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 scooters, 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 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 20-F 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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